The average contract interest rate on 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) in the US edged down to 6.37% in the week ending October 10th, 2025, from 6.42% the previous period. The rate is now approaching a one-year low of 6.34% reached four weeks earlier, as expectations of a Federal Reserve rate cut continue to push down yields on benchmark Treasury securities. Meanwhile, the volume of mortgage applications inched lower by 0.3% from the previous week on the period ending October 17th, marking the fourth consecutive weekly decline as a rise in a refinancing was not enough to offset a decline in applications to purchase a new home. In addition, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) decreased to 6.39% from 6.47%. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.12% from 6.19%.