Overview

• Freddie Mac reported the 30-year fixed mortgage rate slipped to 6.27% this week, marking a modest decline and extending several weeks of relatively steady readings.
• Mortgage Bankers Association data show total applications fell 1.8% for the week ending Oct. 10, with purchase activity down for a third straight week yet roughly 20% above last year.
• Refinances accounted for 53.6% of applications as the refi index stood 59% higher than a year ago, and FHA refinance activity jumped 12% with FHA rates more than 10 basis points below conventional.
• MBA’s Builder Application Survey indicates September new-home applications rose 2% year over year but fell 5% from August, and the group estimates new-home sales slowed 7% to a 680,000 annual pace.
• Analysts tie the narrow rate moves to swings in the 10-year Treasury influenced by tariff headlines and to the shutdown-driven data void, with several expecting mortgage rates to stay within the 6%–7% range near term.