Mortgage application activity declined again last week as refi demand continues pulling back after the surge in mid September. According to MBA’s Weekly Applications Survey for the week ending October 3, total volume fell 4.7% on a seasonally adjusted basis and 5% unadjusted. The Refinance Index decreased 8% from the previous week but remains 18% higher than the same week one year ago. Refinancing activity pulled back broadly across conventional and VA segments after climbing to multi-year highs in September. This is a logical move considering rates were at long-term lows in mid-September and then rose sharply to the present range on September 17/18.  “With mortgage rates on fixed-rate loans little changed last week, refinance application activity generally declined, with the exception of a modest increase for FHA refinance applications,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Refinance volume remains somewhat elevated relative to levels of a month ago. Purchase activity declined by about 1 percent for the week but continues to show moderate growth on an annual basis, and stronger growth for FHA loans, favored by first-time homebuyers.” Purchase applications slipped 1% on both a seasonally adjusted and unadjusted basis but were still 14% stronger than a year ago. The refinance share of mortgage activity decreased to 53.3% of total applications. The adjustable-rate mortgage (ARM) share increased to 9.5%. The FHA share rose to 18.5%, while the VA share edged up to 16.3%.

October 10, 2025 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.32% -0.06%   6.13% 7.26% 15 Yr. Fixed 5.84% -0.04%   5.6% 6.59% 30 Yr. Jumbo 6.25% -0.04%   6.14% 7.45% Compare Mortgage Rates from Local Lenders for Oct 10, 2025 Mortgage Rates Lowest Since Fed Day Fri, Oct 10, 2025 3:16PM Mortgage rates saw their biggest day-over-day decline of the past several weeks today in response to unexpected news regarding additional tariffs on China. Trump had previously been scheduled to meet with China's President Xi in 2 weeks, but  today said there was no reason to do so and that the administration is currently calculating a massive increase in Chinese tariffs.  Stocks and bonds immediately responded with the former moving lower and bonds rallying.  When bonds rally, interest rates move lower, all else equal. Mortgage lenders use mortgage-backed securities (MBS) to d... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.32% -0.06 0.00 15 Yr. Fixed 5.84% -0.04 0.00 30 Yr. FHA 6.03% -0.02 0.00 30 Yr. Jumbo 6.25% -0.04 0.00 7/6 SOFR ARM 5.82% -0.03 0.00 30 Yr. VA 6.04% -0.03 0.00 Updates Daily - Last Update: 10/10 Freddie Mac Rate Change Points 30 Yr. Fixed 6.30% -0.04 0.00 15 Yr. Fixed 5.53% -0.02 0.00 Updates Weekly - Last Update: 10/9 Mortgage Bankers Assoc. 30 Yr. Fixed 6.43% -0.03 0.60 15 Yr. Fixed 5.77% +0.01 0.79 30 Yr. Jumbo 6.60% +0.06 0.44 Updates Weekly - Last Update: 10/8 UMBS 30YR 5.0 99.59 +0.42   95.05 99.96 UMBS 30YR 5.5 101.00 +0.26   97.47 101.28 10 YR Treasury 4.033 -0.107   3.932 4.780 Overnight Gains on Fed Comments And Japanese Politics (Really) Fri, Oct 10, 2025 9:44AM At the start of the week, we noted Japanese political developments as a key reason for overnight losses on Monday morning. This had to do with Takaichi winning control of Japan's LDP party, thus making her the front runner to become the Prime Minister. Her economic views fueled fears that Japan's central bank would ultimately need to sell Treasuries in ... (read more) MBS Price Change UMBS 4.5 97.50 +0.42 UMBS 5.0 99.59 +0.42 UMBS 5.5 101.00 +0.26 GNMA 4.5 97.57 +0.37 GNMA 5.0 99.76 +0.23 GNMA 5.5 100.94 +0.22 Pricing as of: 10/12 10:12PM EST US Treasury Yield Change 2 YR Treasury 3.503 -0.093 5 YR Treasury 3.627 -0.108 7 YR Treasury 3.816 -0.106 10 YR Treasury 4.033 -0.107 30 YR Treasury 4.619 -0.103 Pricing as of: 10/12 10:12PM EST Other News Refi Demand Ebbs Gradually As Rates Remain Rangebound Fri, Oct 10, 2025 2:22PM Mortgage application activity declined again last week as refi demand continues pulling back after the surge in mid September. According to MBA’s Weekly Applications Survey for the week ending October 3, total volume fell 4.7% on a seasonally adjusted basis and 5% unadjusted. The Refinance Index decreased 8% from the previous week but remains 18% higher tha... (read more) Audit, Interest Rate Risk Products; Gov't Program News; Home Builder Interview; Shutdown and Data Releases Fri, Oct 10, 2025 11:49AM The stalemate & shutdown continue, all but eliminating the government release of economic news. Recall that the U.S. Treasury posted a $345 billion budget deficit in August, the largest monthly deficit of 2025 and the 2nd-worst August on record but helped by tariff revenue. This is up from July’s $291 billion deficit and has only been surpassed by last y... (read more) Latest Video Fed Governor Chris Waller: Still believe we need to cut rates, but need to ... Pres. Trump: Calculating massive increase of tariffs on Chinese products in... U.S. Treasury sells $22B in 30-year bonds Consumer sentiment comes in at 55.0 vs. 54.0 estimated Around the Web CNBC CPI inflation report will be released by Labor Department, while other data is delayed by shutdown CNBC The IRS unveils higher capital gains tax brackets for 2026 CNBC Fed Governor Waller sees more rate cuts but says central bank needs to be 'cautious about it' CNBC Treasury yields move lower as U.S. government shutdown enters 10th day Investing Live US BLS recalls staff to finish CPI report, prioritising Social Security and Fed timelines CNBC 'Around half' of Fed officials saw another two interest rate cuts by the end of 2025 Realtor.com Number of Homes for Sale Continues To Growbut Housing Market Moves at a Crawl FXStreet UoM Consumer Sentiment Index edges lower to 55 in October vs 54.2 forecast Eye on Housing Refinancing Activity Surges in September Calculated Risk Blog A year ago: Lance Lambert Interviews Me on the Housing Market CNBC Treasury yields little changed as U.S. government shutdown drags on American Bankers Assoc. ABA Foundation and FICO Announce New Partnership Ahead of2025 Get Smart About Credit Day Eye on Housing Remodeling Market Sentiment Improves in Third Quarter

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