Mortgage Applications Rise 3.4% as 30-Year Rate Falls to 7.37%
Updated
Updated · Realtor.com News · Oct 28
Mortgage Applications Rise 3.4% as 30-Year Rate Falls to 7.37%
3 articles · Updated · Realtor.com News · Oct 28
Summary
Mortgage demand rose for the first time in seven weeks in the Oct. 23 period, with purchase applications up 4% from the prior week after rates eased again.
The average 30-year fixed contract rate slipped to 7.37% from 7.41%, while Freddie Mac's separate survey put last week's rate at 7.32%, giving buyers modest relief.
Borrowers still face rates more than 1 percentage point above a year ago, leaving purchase applications down 18% year over year and refinance activity 61% below the same week in 2025.
Adjustable-rate mortgages gained traction as a cheaper alternative, with ARM share climbing to 11.3% from 10.5%—the highest in more than a year.
The rebound comes as the Federal Reserve meets this week and is widely expected to leave policy rates unchanged ahead of next week's midterm elections.