All types of mortgage activity rose on a year-over-year basis in October, supported by recent declines in interest rates. Notably, adjustable-rate mortgage (ARM) applications more than doubled from a year ago, and refinancing activity continued to strengthen.
The Mortgage Bankers Association’s (MBA) Market Composite Index1, a measure of total mortgage application volume, fell 7.7% from September on a seasonally adjusted basis but was 39.0% higher than a year ago.
The average contract interest rate for 30-year fixed mortgages fell 5.4 basis points to 6.37%, the lowest in over a year. Following a strong increase in September, refinancing activity in October dropped 10% month over month, while purchase applications decreased 4.8%. Compared to a year ago, purchase and refinance applications were up 18.1% and 63.0%, respectively.
Read More: https://eyeonhousing.org/2025/11/adjustable-rate-mortgage-applications-rise/