The Mortgage Bankers Association reported that overall mortgage applications fell 2.7% for the week ending Oct. 9, marking a sixth consecutive weekly decline. Purchase applications have plummeted 60% from their pandemic peak, returning demand to levels last seen in 1995. These trends reflect the ongoing pressure of high lending rates and near record home prices on housing affordability.
Tuesday, October 20, 2026
Story
US 30 Year Mortgage Rates Hold at 7.4% After 7 Week Rise
US Markets5 days ago
Adjustable rate mortgages accounted for 10.5% of US loan applications for the week ended Oct. 9, the largest proportion of the market in 12 months. This shift toward variable rates coincides with a pause in rising borrowing costs; Freddie Mac reported the average 30 year fixed mortgage rate remained at 7.40% for the week of Oct. 15, ending seven straight weekly increases. However, separate data from MortgageNewsDaily tracked a higher average fixed rate of 7.56% on Oct. 14.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.