US 30-Year Mortgage Rate Climbs to 7.5%, Home Purchase Index Falls for Sixth Straight Week

Deep News10-14

US mortgage rates continued to rise, with home purchase activity declining for a sixth consecutive week.

Data released Wednesday by the Mortgage Bankers Association (MBA) showed that the contract rate on 30-year fixed-rate mortgages rose 1 basis point to 7.50% in the week ended October 9, remaining at its highest level since November 2023. Since the end of June, the rate has risen by nearly 1 percentage point. The MBA's purchase index, which measures applications for home purchase loans, fell 4%, marking a sixth straight weekly decline — the longest losing streak since July to August 2023 — and is now at its lowest level since the start of 2025. Lawrence Yun, chief economist at the National Association of Realtors, said that due to rising rates, "the outlook for fourth-quarter sales activity will clearly decline, and possibly decline significantly." Data released this week by real estate brokerage Redfin showed that signed sales of existing homes plunged 4% month-over-month in September. According to Redfin, this was the largest drop in more than three years. Meanwhile, the MBA's refinancing index fell for an eighth consecutive week, hitting its lowest level since the start of 2025. The overall market index dropped 2.7%, its sixth straight weekly decline.

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