Mortgage rates for 30-year fixed loans rose to 7.30% last week and surged further to 7.58% this week, the highest since November 2023. This increase has caused mortgage demand to fall to its lowest level in two years, with refinance applications dropping 9% last week and down 56% from a year ago. Home purchase applications also declined 4% last week and are 14% lower than last year, as rising rates and accelerating home price gains limit buyer activity. Adjustable-rate mortgages are gaining popularity due to their lower rates compared to fixed loans.
Mortgage rates and their impact on refinance and homebuyer demand provide context for financial markets. For readers following this, here is Pluang's market snapshot as of Sep 30, 2026 18:11 WIB: Among 85 priced Financials-sector US stocks tradable on Pluang, 41 rose and 37 fell today. Notable movers include SOFI at USD 15.58 with a 1-day change of -2.07% and Pluang order activity showing 32% Sell / 68% Buy, HOOD at USD 118.61 with +2.06% change and 15% Sell / 85% Buy, and ALLY at USD 37.25 with -1.48% change and a typical hold time of 67 days.
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