MBA US Mortgage Applications Fall Further as 30-Year Mortgage Rates Move Higher in Week Ended Oct. 9

07:05 AM EDT, 10/14/2026 (MT Newswires) -- Mortgage applications fell by 2.7% in the week ended Oct. 9 after a 4.2% drop in the previous week as mortgage rates continued to climb, according to Mortgage Bankers Association data released Wednesday. Applications for refinancing loans declined by 0.4%, while new purchase applications fell by a seasonally adjusted 4%. The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less rose to 7.50% from 7.49% in the previous week, the highest since November 2023. "As a result, borrowers continue to rely more on ARM loans to help lower their monthly payments," said Joel Kan, MBA's vice president and deputy chief economist. "The ARM share at 10.5% was at its highest level since October 2025. Last week's decrease in refinances was mainly driven by a 5% drop in FHA refinance applications."