US Mortgage Applications Fall 1.2% as 30-Year Rate Holds Above 7% for Third Straight Week

US mortgage application volume declined 1.2% in the week ending October 30, reversing the prior week's 3.4% gain, according to data from the Mortgage Bankers Association. The 30-year fixed mortgage rate eased slightly to 7.30% from 7.37% the prior week, marking a third consecutive week of modest declines while remaining above the 7% threshold that has weighed heavily on housing demand.

The broader trend underscores persistent affordability pressure in the housing market. Applications were down 5.9% compared to four weeks prior and a sharp 42.0% below the same week one year ago, signaling that even marginal rate relief has done little to revive borrower activity at current levels.