FX.co ★ US Mortgage Rates Edge Higher for 2nd Week: MBA

In the week concluding on October 7th, 2025, the average interest rate for 30-year fixed-rate mortgages with conforming loan balances (up to $806,500) in the United States rose slightly to 6.34%, up from 6.31% the previous week. This marks the second successive weekly rise, as stated by the Mortgage Bankers Association (MBA). This rate is notably 52 basis points lower than the rate recorded one year prior. Despite the increase in borrowing costs, mortgage applications saw a growth of 0.6% after experiencing a 1.9% decline the previous week. Notably, applications for purchasing homes surged by 5.8%, whereas refinancing requests decreased by 3.3%. Joel Kan, an economist at the MBA, noted, "Conventional, FHA, and VA loan purchase applications have increased, driven by potential homebuyers exploring their options, especially in markets with greater inventory and slower sales price growth. According to the unadjusted purchase index for the week, this represents the most robust start to November since 2022."