FX.co ★ US Mortgage Rates Fall for 1st Time in 11 Weeks

The average rate on a 30-year fixed mortgage fell by 9 basis points to 7.41% in the week ended October 16, 2026, according to the Mortgage Bankers Association. This was the first decline in borrowing costs in 11 weeks, following eight straight weeks of increases, as Treasury yields moved lower amid a flight to safety and rising expectations that the Federal Reserve will leave interest rates unchanged this month. At the same time, total mortgage applications decreased 5.3%, extending their slide for a seventh consecutive week. Refinancing applications slipped 2%, while applications for home purchases dropped 7.3%.