Mortgage applications continued to decline even as mortgage rates finally moved lower. The Mortgage Bankers Association (MBA) reported a 5.3% drop in total application volume for the week ending October 16, despite the first weekly decline in mortgage rates in more than two months. The average 30-year fixed mortgage rate fell to 7.41% from 7.50% the previous week. That improvement wasn't enough to revive demand, with both purchase and refinance applications moving lower. The seasonally adjusted Purchase Index fell 7% for the week and was 18% below year-ago levels . Refinances fared somewhat better, declining 2%, though activity remained 59% lower than a year earlier. “Purchase applications fell 18 percent behind last year's pace, as higher rates are pricing buyers out of the market,” said MBA's Joel Kan, who also noted that adjustable-rate mortgages remain an option for qualified borrowers looking for lower rates. ARMs held steady at 10.5% of applications , with rates nearly a full percentage point below the 30-year fixed average. The refinance share of total applications increased to 39.0% from 37.7% the previous week. That shift came despite the decline in refinance volume, reflecting the steeper drop in purchase applications. Mortgage Rate Summary: 30yr Fixed: 7.41% (from 7.50%) | Points: 0.75 (from 0.83) 15yr Fixed: 6.73% (from 6.87%) | Points: 0.73 (from 0.90) Jumbo 30yr: 7.33% (from 7.49%) | Points: 0.60 (from 0.70) FHA: 7.13% (from 7.19%) | Points: 1.15 (from 1.21) 5/1 ARM: 6.46% (from 6.54%) | Points: 1.11 (from 1.13)

October 23, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 7.33% +0.03%   5.99% 7.61% 15 Yr. Fixed 6.98% +0.02%   5.55% 7.23% 30 Yr. Jumbo 7.60% +0.00%   6.1% 7.71% Compare Mortgage Rates from Local Lenders for Oct 23, 2026 Modest Uptick in Rates But Still Near 1-Month Lows Fri, Oct 23, 2026 3:02PM Yesterday was an exciting day for rates with the lowest levels since September 23rd and a fairly brisk decline versus the previous day.  Today? Fairly boring by comparison. Rates were technically a hair higher, which isn't too surprising given the prevailing motivations in the tech sector. Yesterday's rate rally coincided with heavy selling in tech stocks. With those same stocks avoiding drama today (and the NASDAQ moving slightly higher overall), bond yields (aka "rates") also inched higher. The average mortgage lender moved up 0.03% for a top-tier 30yr fixed scenario leaving our index... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 7.33% +0.03 0.00 15 Yr. Fixed 6.98% +0.02 0.00 30 Yr. FHA 6.98% +0.06 0.00 30 Yr. Jumbo 7.60% 0.00 0.00 7/6 SOFR ARM 6.75% -1.03 0.00 30 Yr. VA 6.99% +0.05 0.00 Updates Daily - Last Update: 10/23 Freddie Mac Rate Change Points 30 Yr. Fixed 7.32% -0.08 0.00 15 Yr. Fixed 6.68% -0.03 0.00 Updates Weekly - Last Update: 10/22 Mortgage Bankers Assoc. 30 Yr. Fixed 7.50% +0.01 0.83 15 Yr. Fixed 6.87% +0.16 0.90 30 Yr. Jumbo 7.49% +0.10 0.70 Updates Weekly - Last Update: 10/14 UMBS 30YR 6.0 99.46 -0.12   97.78 102.75 UMBS 30YR 6.5 101.41 -0.12   100.34 104.00 10 YR Treasury 4.986 +0.033   3.948 5.318 Et Tu, S&P PMI? Fri, Oct 23, 2026 9:16AM Little has changed between yesterday's close and this morning's early trading. 10yr yields are still several bps under 5%. MBS are still effectively at the highest levels in a month.  Tech isn't happy, with futures hugging yesterday's lows ahead of the open. One difference, however, is that we'll get a piece of economic data this morning that had a shoc... (read more) MBS Price Change UMBS 5.5 97.10 -0.12 UMBS 6.0 99.46 -0.12 UMBS 6.5 101.41 -0.12 GNMA 5.5 97.30 -0.05 GNMA 6.0 99.39 -0.12 GNMA 6.5 101.21 -0.03 Pricing as of: 10/23 3:38PM EST US Treasury Yield Change 2 YR Treasury 4.682 +0.044 5 YR Treasury 4.805 +0.033 7 YR Treasury 4.885 +0.033 10 YR Treasury 4.986 +0.033 30 YR Treasury 5.312 +0.030 Pricing as of: 10/23 3:38PM EST Other News Mortgage Applications Aren't Ready to Rebound Just Yet Fri, Oct 23, 2026 2:56PM Mortgage applications continued to decline even as mortgage rates finally moved lower. The Mortgage Bankers Association (MBA) reported a 5.3% drop in total application volume for the week ending October 16, despite the first weekly decline in mortgage rates in more than two months. The average 30-year fixed mortgage rate fell to 7.41% from 7.50% the pre... (read more) Building Permits Hold Steady Despite Slide in Housing Starts Fri, Oct 23, 2026 2:50PM Residential construction failed to find even footing in September, with housing starts declining and single-family building permits pulling back, while total permits held nearly steady and completions edged higher. This week's Census Bureau data highlights weakness in new construction, particularly on the single-family side, while starts and completions were... (read more) Company Valuation, Equity, Friction Audit, Vendor Mgt., Borrower Communication Tools; Capital Markets Fri, Oct 23, 2026 11:46AM Lender and Broker Products, Services, and Software The ability to move swiftly and confidently through the origination and underwriting process matters more than ever. That’s why Plaid is empowering mortgage bankers to close faster, with more certainty. With Plaid, you can instantly verify an applicant’s assets, income, and employment, all straight from th... (read more) Latest Video October consumer sentiment revised to 48.0 Former Dallas Fed Pres. Robert Kaplan: I don't think the economy is overhea... Pending home sales drop 7.3% in September, missing estimates Oil retreats from 6-month high Around the Web Investing Live UMich final October final consumer sentiment 48.0 vs 46.3 expected Eye on Housing A Quarter of Remodelers Started ADUs Over Past Twelve Months S&P Global PMI: Business activity growth holds close to five-year high Marketwatch Bond yields sink below 5% as investors look for safety CNBC Higher interest rates have made family offices pickier about investing in real estate CNBC Treasury yields rise as traders await more economic data ahead of Fed decision Investing Live The market now sees a 22% chance the Fed doesn't hike again this year Eye on Housing State-Level Employment Situation: September 2026 Investing Live US treasury sells $13 billion of 20 year bonds at a high yield of 5.469% CNBC Treasury yields fall as investors weigh Middle East tensions and await fresh jobs data Investing Live Crude oil inventories show a draw of -3.060M versus estimate of -0.82 million drawdown Investing Live US initial jobless claims 194K vs 200K estimate. Better than expected. Yahoo Finance The Conference Board Leading Economic Index® (LEI) for the US Was Flat in September

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