The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%.
WASHINGTON—Mortgage applications decreased 1.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ended Oct. 31, 2025, despite mortgage rates staying relatively flat at 6.31%.
The Refinance Index decreased 3% from the previous week and was 151% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 1% from one week earlier.
“Mortgage rate movements were mixed last week as Treasury yields moved slightly higher following last week’s FOMC meeting. The 30-year fixed rate was mostly unchanged at 6.31% and remained close to the lowest level in over a year,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Despite a decline last week, refinance applications are still significantly higher than a year ago. The average loan size for refinance applications was at its highest level in six weeks, as borrowers with larger loans continued to seek ways to lower their monthly payments. Purchase applications declined slightly from a week ago, however, there was a slight increase in FHA purchase applications as prospective homebuyers continue to seek loan options to help manage challenging affordability conditions.”
The refinance share of mortgage activity decreased to 57.0% of total applications from 57.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7% of total applications.
The FHA share of total applications decreased to 18.5% from 20.5% the week prior. The VA share of total applications increased to 14.9% from 13.4% the week prior. The USDA share of total applications increased to 0.3% from 0.2% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%, with points remaining unchanged at 0.58 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) increased to 6.43% from 6.38%, with points decreasing to 0.33 from 0.34 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.13% from 6.12%, with points remaining unchanged at 0.73 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.65% from 5.67%, with points remaining unchanged at 0.61 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 5.56% from 5.66%, with points increasing to 0.86 from 0.51%.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
The share of first-time buyers in the market has contracted by 50% since 2007—right before the Great Recession. The implications for the housing market are staggering.
“The decision reflects the progress of our Tarrytown project, which is providing additional lab and office space to meet the needs of our growing R&D pipeline, as well as our desire to keep more colleagues together on fewer campuses.”
LVR selected Fernandez as its CEO after a lengthy nationwide search.
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