US mortgage rates continued to rise, stifling home purchase activity for a sixth consecutive week.
According to data released by the Mortgage Bankers Association (MBA) on Wednesday, the contract rate on 30-year fixed-rate mortgages rose 1 basis point to 7.50% in the week ended October 9, still the highest level since November 2023. Since the end of June, the rate has climbed nearly 1 percentage point.
The MBA's purchase index, which measures loan applications, fell 4%, marking a sixth straight weekly decline — the longest such streak since July to August 2023.
Before the recent surge in mortgage rates, home sales had shown signs of stabilizing. Data released Tuesday by the National Association of Realtors (NAR) showed existing-home purchases edged higher. But those figures are based on closings and largely reflect contracts signed before the recent jump in borrowing costs.
"The expectation for home transaction activity in the fourth quarter will clearly decline due to higher rates, and there could even be a significant drop," said Lawrence Yun, NAR's chief economist.
Data published this week by real estate brokerage Redfin showed signed contracts fell 4% month-over-month in September. According to Redfin, that was the largest decline in more than three years.
Meanwhile, the NAR's refinance index fell for an eighth straight week to its lowest level since early 2025.
The MBA survey has been conducted weekly since 1990 and covers mortgage bankers, commercial banks and savings institutions. The data covers more than 75% of all US retail residential mortgage applications.
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