Total mortgage application volume fell 5.3% last week from the previous week, according to the Mortgage Bankers Association, even as the average 30-year fixed rate dropped to 7.41% from 7.50%, the first decrease in over two months. Lower rates did not lift activity: refinance applications fell 2% week over week but were 59% below a year earlier, while purchase applications dropped 7% weekly and 18% year over year. The ARM share held at 10.5%, with ARM rates almost a full percentage point below the 30-year fixed rate. A separate Mortgage News Daily survey showed rates barely moved early this week, and its chief operating officer cautioned against relying on the oil price correlation, which has been unreliable for more than a month.
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Related tickers and likely impact
DXY
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/20/2026 | 101.70 |
| Change that session | -0.28% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/20/2026 | 769.01 |
| Change that session | +0.33% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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