Overview
- Total mortgage applications rose 7.1% week over week in the week ending Oct. 24, the second consecutive weekly gain, according to MBA data.
- Refinance applications climbed 9% on the week and 111% from a year ago, with the average refinance loan size holding elevated at about $393,900.
- Refinances accounted for 57.1% of all applications, while the adjustable‑rate mortgage share fell to 8.9% as borrowers shifted back to fixed‑rate loans.
- MBA’s average 30‑year fixed rate decreased to 6.30%, the lowest since September 2024; FHA averaged 6.12% and jumbo 6.38%, while Mortgage News Daily tracked a 2025 low near 6.13% earlier this week.
- Purchase applications increased 5% week over week and 20% year over year, though USDA activity fell more than 26% during the government shutdown and markets are focused on the Fed’s decision and guidance rather than the cut itself.