Mortgage Activity Declines in October as Mortgage Rates Increase
The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, decreased 13.9% month-over-month on a seasonally adjusted (SA) basis due to higher mortgage rates.
This decline was reflected in both the Purchase and Refinance Indices, which fell by 4.4% and 23%, respectively. However, compared to October 2023, the Market Composite Index is up by 39%, with the Purchase Index seeing a slight 1.9% increase and the Refinance Index higher by 149.9%.
The average 30-year fixed mortgage rate reversed its downward trajectory with an increase of 36 basis points, following volatility in the 10-year Treasury yield. This brought the rate back to around the same level as it was in August at 6.53%. However, compared to its peak last October, the current rate is 125 bps lower.
NAHB Economist Catherine Koh provides more in this Eye on Housing post.
Latest from NAHBNow
Economics
Mar 31, 2025
Total Property Tax Collections Hit Record High in 2024Property tax revenue collected by state and local governments reached a new high in 2024 and continued as the largest single contributor to state and local revenue.
Safety
Mar 28, 2025
Have a Strong Plan for Chemical Safety and Hazard CommunicationHazardous chemicals are found everywhere on a home building site and in many commonly used products, such as paints, cleaners, and adhesives. Providing easy-to-read information about their identity and hazards can keep everyone on the job site safe.
Latest Economic News
Economics
Mar 27, 2025
Mortgage Rates Hold Steady After Early March DropMortgage rates dropped significantly at the start of March before stabilizing, with the average 30-year fixed-rate mortgage settling at 6.65%, according to Freddie Mac. This marks a 19-basis-point (bps) decline from February. Meanwhile, the 15-year fixed-rate mortgage fell by 20 bps to 5.83%.
Economics
Mar 26, 2025
Property Tax Revenue Outpaces Other Sources in 2024Property tax revenue collected by state and local governments reached a new high in 2024 and continued to make up a bulk of tax revenue. Total tax revenue for state and local governments also reached a high after falling in 2023, driven by higher revenue across all sources. In 2024, tax revenue totaled $2.095 trillion, up 4.6% from $2.004 trillion in 2023.
Economics
Mar 25, 2025
Consumer Expectations Fall AgainConsumer confidence fell for the fourth straight month amid growing concerns about the economic outlook and policy uncertainties, especially potential tariffs. Uncertainties continue to weigh on consumer sentiment as consumer confidence dropped to a 4-year low and expectations for the future economy fell to a 12-year low.