The average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) in the US fell to 6.3% in the week ending October 24th, 2025, from 6.37% the previous period, according to the Mortgage Bankers Association. Mortgage rates fell for a fourth consecutive week, reaching their lowest level since September 2024, as Treasury yields continued to decline following a weaker-than-expected CPI report that reinforced expectations of additional Fed rate cuts this year. “This recent decline in rates spurred the second consecutive week of increased refinance activity, driven mainly by conventional refinance applications,” said Joel Kan, MBA’s vice president. Mortgage applications jumped 7.1%, with those to purchase a home up 4.5% and those to refinance a home loan jumping 9.3%.