Mortgage application activity edged lower last week, driven by purchases, but the decline was marginal compared to recent swings. According to MBA’s Weekly Applications Survey for the week ending October 17, total volume slipped 0.3% on a seasonally adjusted basis and 0.2% unadjusted. The Refinance Index rose 4% from the previous week and was 81% higher than the same week one year ago. The uptick was driven by a 6% increase in conventional refinances and a 12% jump in FHA refinances as borrowers capitalized on the lowest rates in a month. “The lowest mortgage rates in a month spurred an increase in refinance activity, including another pickup in ARM applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The refinance index increased 4 percent, driven by a 6 percent increase in conventional refinances and a 12 percent increase in FHA refinance applications, as borrowers remain attentive to these opportunities to lower their monthly mortgage payment. VA refinances bucked the trend and were down 12 percent.” Purchase applications decreased 5% from the previous week on a seasonally adjusted basis and 5% unadjusted, but remained 20% stronger than a year ago. While activity has cooled from early-fall highs, demand remains resilient amid improving inventory and a more stable rate environment. The refinance share of mortgage activity increased to 55.9% of total applications from 53.6% the week prior. The adjustable-rate mortgage (ARM) share climbed to 10.8%. The FHA share rose to 21.8%, while the VA share declined to 13.5%.

October 24, 2025 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.19% +0.01%   6.13% 7.26% 15 Yr. Fixed 5.76% +0.02%   5.6% 6.59% 30 Yr. Jumbo 6.14% +0.04%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 24, 2025 Mortgage Rates Little-Changed Despite Decent Inflation Data Fri, Oct 24, 2025 2:45PM This morning brought the release of the much-anticipated Consumer Price Index (CPI). This is one of the two biggest inflation reports from the U.S. government, and the only government inflation report that's coming out during the shutdown.  With big government data being a key consideration for interest rates, this special release got extra attention. Core monthly inflation was lower than expected (.227% vs 0.3 forecast) as was the annual level at 3.0% versus a median forecast of 3.1%. Inflation is the nemesis of interest rates, so the lower-than-expected result is rate-friendly at face ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.19% +0.01 0.00 15 Yr. Fixed 5.76% +0.02 0.00 30 Yr. FHA 5.95% +0.04 0.00 30 Yr. Jumbo 6.14% +0.04 0.00 7/6 SOFR ARM 5.85% +0.03 0.00 30 Yr. VA 5.97% +0.04 0.00 Updates Daily - Last Update: 10/24 Freddie Mac Rate Change Points 30 Yr. Fixed 6.19% -0.08 0.00 15 Yr. Fixed 5.44% -0.08 0.00 Updates Weekly - Last Update: 10/23 Mortgage Bankers Assoc. 30 Yr. Fixed 6.37% -0.05 0.59 15 Yr. Fixed 5.74% -0.03 0.67 30 Yr. Jumbo 6.39% -0.08 0.37 Updates Weekly - Last Update: 10/22 UMBS 30YR 5.0 99.85 +0.11   95.05 99.98 UMBS 30YR 5.5 101.23 +0.09   97.47 101.32 10 YR Treasury 4.019 +0.018   3.932 4.780 Pros and Cons in CPI Report Fri, Oct 24, 2025 9:47AM In terms of topline results, CPI was bond friendly with the core at .223 vs .3 and the headline at 0.3 vs 0.4 in monthly terms.  Annually, we're running at 3.0% in both metrics, which is high, but also 0.1 lower than expected.  That's the good news, and it's the reason that bonds are stronger after the data.  The not-so-good news involves metr... (read more) MBS Price Change UMBS 4.5 97.93 +0.09 UMBS 5.0 99.85 +0.11 UMBS 5.5 101.23 +0.09 GNMA 4.5 97.98 +0.05 GNMA 5.0 99.89 +0.08 GNMA 5.5 100.95 +0.08 Pricing as of: 10/26 5:08AM EST US Treasury Yield Change 2 YR Treasury 3.493 +0.001 5 YR Treasury 3.618 +0.011 7 YR Treasury 3.800 +0.013 10 YR Treasury 4.019 +0.018 30 YR Treasury 4.602 +0.029 Pricing as of: 10/26 5:08AM EST Other News Weaker Purchase Demand Offset by Stronger Refis Fri, Oct 24, 2025 2:29PM Mortgage application activity edged lower last week, driven by purchases, but the decline was marginal compared to recent swings. According to MBA’s Weekly Applications Survey for the week ending October 17, total volume slipped 0.3% on a seasonally adjusted basis and 0.2% unadjusted. The Refinance Index rose 4% from the previous week and was 81% higher tha... (read more) Existing Home Sales Rose Last Month, But The Bigger Picture Hasn't Changed Fri, Oct 24, 2025 2:34PM Existing-home sales climbed modestly in September, rising 1.5% to a seasonally adjusted annual rate of 4.06 million , according to the National Association of Realtors (NAR). Sales were also 4.1% higher than a year earlier as easing mortgage rates and better affordability began to lift demand. Even so, the market remains well below pre-pandemic norms as man... (read more) Agent Service; Property Tax, Warehouse, Reverse Services; In-Person Events Into 2026; CPI as Expected Fri, Oct 24, 2025 11:40AM As shown in this video clip, don’t ever underestimate your opponent, or competitor. There were plenty of opponents and competitors at this week’s MBA Annual, and today on Last Word at 1PM ET, Brian Vieaux, Kevin Peranio, and Courtney Thompson discuss highlights from the conference, how the ongoing government shutdown could affect borrowers’ ability to pay an... (read more) Latest Video Fmr. Minneapolis Fed president: At least one more rate cut expected, but I’... Inflation rate hit 3.0% in September, lower than expected, long-awaited CPI... Consumer sentiment comes in at 55.0 vs. 54.9 estimated S&P global flash U.S. services come in better than expected Around the Web CNBC Inflation rate hit 3.0% in September, lower than expected, long-awaited CPI report shows CNBC Heres the inflation breakdown for September 2025 in one chart CNBC Most potential homebuyers expect mortgage rates to drop. That's why they're waiting CNBC Everyone is waiting for Friday's big inflation report. Here's what to expect Investing.com Consumer Sentiment Drops Below Forecast, Signaling Potential Headwinds for USD S&P Global Flash US PMI signals strong start to fourth quarter CNBC Lower mortgage rates push home sales higher in September, but prices still stubbornly high Calculated Risk Blog NMHC on Apartments: Market conditions "Soften" in Q3 Calculated Risk Blog 2nd Look at Local Housing Markets in September CNBC Western Alliance CEO says alleged loan fraud is 'incredibly frustrating' but isolated issue Calculated Risk Blog Cost of Living Adjustment increases 2.8% in 2026, Contribution Base increased to $184,500 CNBC Treasury yields move higher as trade comes back into focus CNBC Treasury yields move higher as investors await key inflation data

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