28.10.202611:12:13UTC+00US 30-Year Mortgage Rates Fall for 2nd Week

The average rate on a 30-year fixed mortgage in the US fell to 7.37% in the week ending October 23, marking a second straight weekly decline and offering a measure of relief to prospective homebuyers and homeowners considering refinancing. Lower borrowing costs helped push overall mortgage application volume up 3.4% from the previous week, according to the Mortgage Bankers Association. Applications to refinance existing mortgages increased 3%, while applications for home purchases rose 4%.

Despite the recent pullback, mortgage rates remain elevated by historical standards and are still more than one percentage point higher than during the same period a year ago. Many current homeowners continue to benefit from substantially lower rates locked in before borrowing costs surged, reducing the incentive to refinance. At the same time, rising home prices are keeping affordability under pressure, so the latest decline in mortgage rates is likely to provide only limited relief for would-be buyers.