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- October 22, 20267°
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Mortgage rates fall for first time in over two months, applications drop
The average 30-year fixed mortgage rate in the U.S. fell to 7.41% from 7.50% in the week ending Oct. 16, yet total mortgage applications dropped 5.3%, the Mortgage Bankers Association said.
U.S. mortgage rates fell in the week ending Oct. 16 for the first time in more than two months, according to the Mortgage Bankers Association (MBA).
The average rate on a 30-year fixed mortgage dropped to 7.41% from 7.50%, while the 15-year rate fell to 6.73% from 6.87%.
Despite lower rates, total mortgage applications fell 5.3% from the previous week. Seasonally adjusted applications to buy a home dropped 7%, and refinancing applications fell 2%.
"Lower rates were not enough to spur application activity," said Joel Kan, MBA's vice president, adding that high rates continue to keep buyers out of the market. Purchase applications were down 18% from a year earlier.
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