US Mortgage Purchases Sink 19% From Year Ago

US mortgage applications fell again in the week ending October 30, with the MBA's seasonally adjusted Purchase Index down 2% and the unadjusted gauge down 19% from the same week last year. The drop came even as the average 30-year fixed rate eased to 7.3%, its lowest level since September, pushing more buyers toward adjustable-rate loans, which hit their largest share of applications since September 2025. Builders tracked by $ITB are selling into a buyer pool still far thinner than a year ago despite the slightly cheaper financing.