Key facts
- The MBA's seasonally adjusted purchase index rose 8% from the prior week; the unadjusted index rose 4%.
- The MBA's refinance index rose 5% week over week and was 57% lower than the same week a year earlier.
- The MBA said the FHA 30-year rate fell to 6.98% and the 15-year fixed rate fell to 6.64%.
- The refinance share of applications held at 39.8% and the adjustable-rate share fell to 10.9%.
- Xactus said its Mortgage Intent Index rose to 98.6 week over week and was about 27% below the same week a year earlier.
Mortgage applications rose 6.2% from the prior week in the Mortgage Bankers Association's weekly survey for the week ended November 6, 2026, the industry group said. On an unadjusted basis the index rose 4%. The MBA's seasonally adjusted purchase index rose 8% from a week earlier, and the unadjusted purchase index rose 4% and was 18% lower than the same week a year earlier.
The average contract rate on 30-year fixed mortgages with conforming loan balances of $832,750 or less fell to 7.21% from 7.30%, the MBA said. The rate on jumbo 30-year fixed loans, above $832,750, rose to 7.21% from 7.20%. The FHA 30-year rate fell to 6.98% from 7.02%, the 15-year fixed rate fell to 6.64% from 6.76%, and the 5/1 adjustable-rate mortgage rate fell to 6.28% from 6.29%.
Joel Kan, the MBA's vice president and deputy chief economist, said in a statement that mortgage rates declined for a fourth straight week and that the 30-year fixed rate was the lowest since mid-September. He said the FHA rate was back below 7% and more than 20 basis points below the conforming rate, which he said helped first-time home buyers in the market. Kan said purchase and refinance application volumes remained considerably lower than a year earlier.
The refinance share of applications was unchanged at 39.8% of the total, and the adjustable-rate mortgage share fell to 10.9%. By product, the FHA share fell to 15.5% from 16%, the VA share rose to 12.4% from 11.2%, and the USDA share fell to 0.5% from 0.6%.
Xactus said its Mortgage Intent Index, which it describes as tracking aggregated, anonymized credit-pull activity on its verification platform, rose week over week to 98.6. Thomas Lloyd, Xactus's chief strategy officer, said the index was about 27% below the same week a year earlier, a deeper decline than the 24.5% recorded the previous week. He said the October monthly reading of 101.2 was about 22% below October 2025 and the lowest October reading since the index began in 2023.