Mortgage rates fall for 3rd week to 7.30%... purchase applications down 19% from a year ago

The average U.S. 30-year fixed mortgage contract rate fell for a third straight week to 7.30% from 7.37%, with points including origination fees easing to 0.75 from 0.76, according to the Mortgage Bankers Association's weekly survey for the week ended Oct. 30. Total mortgage applications dropped 1.2% week-over-week on a seasonally adjusted basis, while purchase applications were down 19% from a year earlier. The survey covers conforming loans of $832,750 or less and assumes a 20% down payment. The data underscore how elevated borrowing costs continue to weigh on housing demand even as rates retreat modestly. Watch next week's rate trajectory and purchase-application volumes for signs of whether the pullback in financing costs can stabilize buyer activity.