Mortgage demand continues to fall, borrowers rush to adjustable-rate mortgage loans
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Mortgage Bankers Association's Composite Index dropped 2.7% to 199.2 during the week ended October 9, compared to -4.2% to 204.7 seen in the prior week, according to the Weekly Mortgage Applications Survey.
The Market Composite Index is a measure of mortgage loan application volume.
The Purchase Index fell 4.0% to 139.3 vs. -2.1% to 145.1 a week ago, while the Refinance Index was down 0.4% to 513.5 vs. -7.5% to 515.8 in the previous period.
30-year fixed-rate mortgages rose to 7.50% from 7.49%.
"Mortgage applications decreased as rates moved higher last week. The 30-year fixed rate was 7.5%, the highest rate since November 2023 and more than a percentage point higher than a yearago," said Joel Kan, MBA's vice president and deputy chief economist.
"As a result, borrowers continue to rely more on ARM (adjustable-rate mortgage) loans to help lower their monthly payments. The ARM share at 10.5% was at its highest level since October 2025," added Kan.
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