US Mortgage Applications Rise in the Week Ending October 24

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, October 24, the Market Composite Index—a measure of mortgage loan application volume—increased 7.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index rose 7.0%.

The Refinance Index increased 9.0% from the previous week and was 111.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 5.0% from one week earlier. On an unadjusted basis, the Purchase Index rose 4.0% compared with the prior week and was 20.0% higher than the same week one year ago.

Commenting on the report, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates decreased for the fourth consecutive week, with the 30-year fixed rate down to 6.30%, its lowest level since September 2024. This recent decline in rates spurred the second consecutive week of increased refinance activity, driven mainly by conventional refinance applications. The ARM share of applications, which had been trending higher, dipped below 10% last week, as lower rates prompted more borrowers to choose fixed-rate loans. Additionally, the average loan size of a refinance application remained elevated at $393,900, as borrowers with larger loan sizes continue to be sensitive to rate movements. Purchase applications increased compared to a holiday-shortened week across most loan types. However, USDA applications fell more than 26%, impacted by the ongoing government shutdown.”