US mortgage rates fell for a third consecutive week, but mortgage application
activity fell, indicating borrowing costs remain too high for many buyers.
Mortgage Bankers Association data for the week ending Oct. 30 showed the 30-year
fixed rate declined 7 bps to 7.30%, still about 1 percentage point above a year
ago and near 2023 highs. The MBA purchase index dropped 2% — the eighth decline
in nine weeks — and is close to its lowest level since Jan. 2025; the refinance
index edged up slightly. Rates have been back above 7% since mid-September,
further weighing on an already weak housing market; the pending home-sales index
hit a record low in September. Residential construction has subtracted from US
GDP in all but one quarter since early 2025.
