# Mortgage rates drop for the third straight week, but homebuyers are still leaving the market

- URL: https://talkfuse.com/story/mortgage-rates-drop-for-the-third-straight-week-but-homebuyers-are-still-leaving-the-market/
- Published: 2026-11-04T12:00:01+00:00
- Updated: 2026-11-05T23:12:02+00:00
- Original publisher: CNBC (publisher lean: Centre)
- Original article: https://www.cnbc.com/2026/11/04/mortgage-rates-dropped-homebuyers-still-leaving.html
- Topics: Business, Economy

## Key points

- Home purchase mortgage applications fell 2% in a week.
- Applications were 19% lower than a year earlier.
- Borrowers are increasingly choosing adjustable-rate mortgages.

## Summary

Mortgage applications to buy homes fell for a third week, despite a third consecutive weekly drop in mortgage rates. The continuing decline suggests lower rates have not yet revived a housing market chilled by a sharp rate rise in September.

Purchase applications were down 2% from the previous week and 19% year on year. More borrowers are turning to adjustable-rate mortgages to reduce initial payments: the average 5/1 ARM rate fell to 6.29% from 6.41%, and ARM use reached its highest share since September 2025. Rates edged higher at the start of this week after stronger-than-expected job openings data; the Mortgage Bankers Association later corrected the fall in total application volume to 1.2%.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.