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
Advocacy | Economics
Jul 09, 2025
Trump Extends Tariff Deadline to Aug. 1, Adds 50% Tariff to CopperPresident Trump has announced he will extend the 90-day pause on reciprocal tariffs that was due to end on July 9 for another three weeks until Aug. 1 and impose a 50% tariff on copper.
Economics | Multifamily
Jul 08, 2025
Multifamily Completions Climb Near a 40-Year HighMultifamily units completed reached 608,000 in 2024 — their highest level since 1986, according to NAHB analysis of the Census Bureau’s Survey of Construction. Most were high-density buildings comprising 50 or more units.
Latest Economic News
Economics
Jul 09, 2025
Mortgage Applications Picked Up in June as Rates EasedMortgage application activity picked up in June, supported by a slight decline in interest rates. The Mortgage Bankers Association’s (MBA) Market Composite Index, which tracks mortgage application volume, rose 5.4% from May on a seasonally adjusted basis. Compared to June 2024, total applications were up 21.1%.
Economics
Jul 09, 2025
Who’s Still Working from Home in 2025? A Look at America’s Telework TrendsRemote work may no longer dominate the U.S. labor force as it did during the height of the pandemic in 2020, but it still represents a substantial share of employment today.
Economics
Jul 08, 2025
Top Ten Builder Share Rises Again in 2024The top ten builders captured a record 44.7% of all new U.S. single-family home closings in 2024, up 2.4 percentage points from 2023 (42.3%).