Mortgage Applications Declined 1.2% in Week Ending October 30

Washington, DC, November 4, 2026—Mortgage applications declined 1.2% during the week ending October 30 despite a drop in mortgage rates to their lowest level since September, according to the Mortgage Bankers Association (MBA).

The association reported its seasonally adjusted Purchase Index fell 2% from the previous week and was 19% below year-earlier levels, while refinancing applications were essentially flat, rising just 0.1% for the week but remaining 60% below a year earlier.

The average contract interest rate for 30-year fixed-rate conforming mortgages declined to 7.30% from 7.37%, while the rate for jumbo mortgages fell to 7.20% from 7.28%. FHA mortgage rates decreased to 7.02% from 7.12%. However, the average rate on 15-year fixed mortgages increased to 6.76% from 6.70%.