Mortgage applications rebound 3.4% as rates decrease to 7.37%

Mortgage applications increased 3.4% from one week earlier, according to data from the Mortgage Bankers Association’s weekly mortgage applications survey for the week ending Oct. 23, 2026. On an unadjusted basis, the index increased 3% compared with the previous week. The refinance index increased 3% from the previous week and was 61% lower than the same week one year ago. The seasonally adjusted purchase index increased 4% from one week earlier. The unadjusted purchase index increased 3% compared with the previous week and was 18% lower than the same week one year ago. “Mortgage rates declined for the second week in a row, with the 30-year fixed rate decreasing to 7.37%, the lowest in three weeks. The decline in rates gave borrowers some relief, with applications rebounding slightly, particularly conventional applications,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “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. The ARM share of applications increased to 11.3%, the highest level in more than a year, as more borrowers applied for ARM lo...