US mortgage applications increase 3.4pc as borrowing costs decline

28th Oct 2026 08:02

(Sharecast News) - US mortgage applications increased 3.4% in the week ended 23 October, according to the Mortgage Bankers Association of America, snapping a seven‑week slide that had taken activity to its lowest level since January 2025.

Applications to purchase a home slid 3.8% on the week, while refinancing activity, which is typically more sensitive to week-to-week rate changes, increased by 2.7%.

The increase came as borrowing costs remained near a three‑year high, with rates still more than one percentage point higher year-on-year even as the average 30-year fixed mortgage rate fell to 7.37%, marking a second consecutive weekly decline.

Reporting by Iain Gilbert at Sharecast.com