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Research conducted by the MyEyze finance Desk.

November 25, 2025 at 16:09

MBA Weekly Mortgage Applications Survey – Week Ending October 4, 2024

Authored by MyEyze Finance Desk

Mortgage applications rose slightly last week amid stable rates, driven by a modest uptick in both purchases and refinances. The Market Composite Index increased 4.2% week-over-week but remains 37% below last year's levels. Purchase activity showed resilience, up 5%, while refinances climbed 3.6%. The average 30-year fixed rate edged up to 6.72%. This signals cautious optimism in the housing market despite ongoing affordability challenges.

Key Points

**Market Composite Index up 4.2% week-over-week**, but down 37% year-over-year.
**Purchase Index increases 5%**, indicating steady homebuying interest.
**Refinance Index rises 3.6%**, with share at 32.3% of applications.
**30-year fixed rate at 6.72%**, up 9 basis points from prior week.
**Overall applications remain subdued** amid higher rates and economic uncertainty.

Overview of Key Metrics

The Mortgage Bankers Association's Weekly Applications Survey revealed a modest rebound in mortgage activity for the week ending October 4, 2024. Key metrics include the Market Composite Index, which measures overall application volume, along with separate indices for purchases and refinances. The average contract interest rate for 30-year fixed loans also saw a slight increase.

Main Application Metrics

Metric	Week Ending Oct 4	Change WoW	Change YoY
Market Composite Index	100.0 (normalized)	+4.2%	-37%
Purchase Index	140.5	+5.0%	-6.0%
Refinance Index	1,856	+3.6%	-81%
30-Year Fixed Rate	6.72%	+0.09%	N/A
Refinance Share	32.3%	+1.2 pts	N/A

Interpretation of Data

These figures highlight a balanced increase across categories, with purchase applications leading the gains. The refinance share ticked up slightly, reflecting some borrowers locking in rates before potential hikes.

Comparative Analysis

Week-over-week, the Market Composite Index rose 4.2%, suggesting a temporary lift from the prior week's dip possibly due to seasonal factors. Year-over-year, however, volumes are down 37%, underscoring the persistent drag from elevated rates and home prices. Purchase applications improved 5% from last week but are 6% lower than last year, while refinances surged 3.6% weekly yet plummeted 81% annually, as many who could refinance already did so at lower rates.

Rate Movements

The average 30-year fixed contract rate climbed to 6.72%, up 9 basis points from the previous week's 6.63%, and higher than the 7.02% from the same week last year. This upward tick aligns with broader bond market movements and signals a potential stabilization rather than a sharp reversal in rate declines.

Impact on Stakeholders

For homebuyers, the uptick in purchase applications offers a glimmer of hope, but affordability remains strained with rates above 6.5% and median home prices near record highs, potentially sidelining first-time buyers. Refinancers may find limited opportunities as rates hover in a higher range, reducing incentives for those with loans from the pandemic era. Overall, the housing market's subdued activity points to slower sales and inventory buildup, which could ease prices modestly but challenges broader economic momentum tied to real estate.

Source & Attribution

Source: Mortgage Bankers Association, as reported by Mortgage News Daily (week ending October 4, 2024). https://www.mortgagenewsdaily.com/mortgage-rates/mba

Attribution:Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey↗

Disclaimer

This content was created with formatting and assistance from AI-powered generative tools. While we strive for accuracy, this content may contain errors or omissions and should be independently verified.The final editorial review and oversight were conducted by humans.