Mortgage rates drop for the third straight week, but homebuyers are still leaving the market

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After a brief bounce the week before, mortgage demand continued its slide last week, despite falling mortgage rates. Total application volume fell 1.% week-to-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 last week to 7.3% from 7.37%, with points decreasing to 0.75 from 0.76, including the origination fee, for loans with a 20% down payment. "Mortgage rates drifted down to their lowest level since September 2026 last week in the wake of the Federal Reserve's decision to hold on additional rate hikes at its October meeting," said Mike Fratantoni, MBA's SVP and chief economist.