MBA US Mortgage Applications Rebound in Week Ended Oct. 23 as Mortgage Rates Decline Further

07:02 AM EDT, 10/28/2026 (MT Newswires) -- Mortgage applications rose by 3.4% in the week ended Oct. 23 as a further decline in 30-year fixed mortgage rates lifted both refinancing activity and new home applications, according to Mortgage Bankers Association data released Wednesday. This follows a 5.3% decrease in overall activity in the week ended Oct. 16. Applications for refinancing loans rose by 3%, while new purchase applications increased by a seasonally adjusted 4%. The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less fell to 7.37% from 7.41% in the previous week. "The decline in rates gave borrowers some relief, with applications rebounding slightly, particularly conventional applications," said Joel Kan, MBA's vice president and deputy chief economist. "Mortgage rates are still more than a percentage point higher than the same week last year, and most homeowners still have rates much lower than prevailing market rates."