Mortgage applications increased 3.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 23, 2026.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3 percent compared with the previous week. The Refinance Index increased 3 percent from the previous week and was 61 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 18 percent 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 percent, 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 percent, the highest level in more than a year, as more borrowers applied for ARM loans to lower their monthly payments.”

Added Kan, “While purchase applications increased over the week, they were 18 percent behind last year’s pace as many homebuyers have put their purchase plans on hold. Similarly, refinance applications were down more than 60 percent from a year ago, as most borrowers have little to gain from refinancing.”

The refinance share of mortgage activity decreased to 38.9 percent of total applications from 39.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 11.3 percent of total applications.

The FHA share of total applications increased to 16.6 percent from 16.3 percent the week prior. The VA share of total applications decreased to 11.0 percent from 11.5 percent the week prior. The USDA share of total applications remained unchanged at 0.5 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 7.37 percent from 7.41 percent, with points increasing to 0.76 from 0.75 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 7.28 percent from 7.33 percent, with points increasing to 0.64 from 0.60 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 7.12 percent from 7.13 percent, with points decreasing to 1.07 from 1.15 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.70 percent from 6.73 percent, with points increasing to 0.85 from 0.73 (including the origination fee) for 80 percent LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 5/1 ARMs decreased to 6.41 percent from 6.46 percent, with points increasing to 1.20 from 1.11 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.