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FrontRow · Oct 28, 2026

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Mortgage rates fell for the second straight week, and that finally brought consumers back to their brokers. A growing share, however, applied for riskier loans at even lower rates. Total mortgage application volume rose 3.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 7.37% from 7.41%, with points increasing to 0.76 from 0.75, including the origination fee, for loans with a 20% down payment. "The decline in rates gave borrowers some relief, with applications rebounding slightly, particularly conventional applications," said Joel Kan, MBA's vice president and deputy chief economist in a release. "Mortgage rates are still more than a percentage point higher than the same week last year and most homeowners still have rates much lower than prevailing market rates."

Mortgage rates fell for the second straight week, and that finally brought consumers back to their brokers. A growing share, however, applied for riskier loans at even lower rates. Total mortgage application volume rose 3.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 7.37% from 7.41%, with points increasing to 0.76 from 0.75, including the origination fee, for loans with a 20% down payment. "The decline in rates gave borrowers some relief, with applications rebounding slightly, particularly conventional applications," said Joel Kan, MBA's vice president and deputy chief economist in a release. "Mortgage rates are still more than a percentage point higher than the same week last year and most homeowners still have rates much lower than prevailing market rates."

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