The 30-year mortgage rate fell by 0.07% to 6.30% for the week ended October 24, marking the lowest level since September 2024, according to data released by the Mortgage Bankers Association (MBA) on Wednesday. That comes amid a spike in refinancing applications, with refinance share of mortgage activity rising to 57.1% from 55.9%.
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“This recent decline in rates spurred the second consecutive week of increased refinance activity, driven mainly by conventional refinance applications,” said MBA Vice President and Deputy Chief Economist Joel Kan.
Pending Home Sales Unchanged in September
Despite lower mortgage rates, pending home sales remained unchanged on a monthly basis in September while falling by 0.9% year-over-year. At the same time, National Association of Realtors Chief Economist Lawrence Yun pointed out that contract signings “matched the second-strongest pace of the year.” Still, Yun added that pending home sales haven’t reached “the level needed for a healthy market.”
The housing market continues to face affordability challenges despite easing borrowing costs. Home prices have remained elevated, with limited inventory keeping upward pressure on costs.
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