Key facts
- Mortgage applications fell 2.7% in the week ending Oct. 9, 2026.
- The 30-year fixed mortgage rate rose to 7.5%, highest since Nov. 2023.
- ARM share of applications increased to 10.5%, highest since Oct. 2025.
- Purchase index fell 4% from the previous week.
- Refinance index fell 0.4% from the previous week.
Mortgage applications in the U.S. saw a 2.7% decrease in the week ending October 9, 2026, according to the Mortgage Bankers Association (MBA). This decline was primarily driven by rising interest rates, with the 30-year fixed mortgage rate reaching 7.5%, its highest point since November 2023.
The higher rates are prompting borrowers to increasingly turn to adjustable-rate mortgages (ARMs) to manage monthly payments, with the ARM share of activity climbing to 10.5%, the highest since October 2025. The refinance index also saw a slight dip of 0.4% from the previous week, while the purchase index decreased by 4%.
Despite the overall decrease in applications, the refinance share of total mortgage activity edged up to 37.7% from 37.0% the prior week. The Federal Housing Administration (FHA) share remained steady at 16.4%, while the U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) shares saw modest increases.
Separately, Xactus's Mortgage Intent Index, which tracks credit-pull activity, held steady at 102.7. While this indicates a pause in recent declines, the index remains about 20% below its level from the same week last year, signaling continued weakness in borrower demand heading into the fourth quarter.