MBA US Mortgage Applications Fall Further in Week Ended Oct. 2 as Mortgage Rates Continue to Climb
MT newswire2026/10/07 11:0707:07 AM EDT, 10/07/2026 (MT Newswires) -- Mortgage applications fell by 4.2% in the week ended Oct. 2 as 30-year fixed mortgage rates rose to another three-year high, according to Mortgage Bankers Association data released Wednesday. This follows a 6% decrease in overall activity in the week ended Sept. 25. Applications for refinancing loans fell by 8%, while new purchase applications declined by a seasonally adjusted 2%. The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less rose to 7.49% from 7.30% in the previous week. "Very few homeowners have an incentive to refinance at these rates, and the jump in borrowing costs has caused many potential borrowers to step back from the purchase market," said Joel Kan, MBA's vice president and deputy chief economist. "With rates roughly a percentage point higher than a year ago, refinance applications last week were at the lowest level since 2025 and fell to less than half of last year's pace."
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