The survey’s Market Composite Index, which tracks total application volume, increased 9.2% on a seasonally adjusted basis from the prior week. On an unadjusted basis, the Index was down 3% due to the Labor Day holiday.
Refinance Index: Up 12% from the prior week; 34% higher than the same week in 2024.
Purchase Index (seasonally adjusted): Up 7% from the prior week.
Purchase Index (unadjusted): Down 6% week over week, but still 23% higher than last year.
Joel Kan
“Mortgage rates declined for the second consecutive week as Treasury yields moved lower on data indicating that the labor market is weakening. The 30-year fixed rate decreased to 6.49%, down 20 basis points over the past two weeks to the lowest since October 2024,” stated MBA Vice President and Deputy Chief Economist Joel Kan.
Kan noted that the rate relief spurred the “strongest week of borrower demand since 2022.”
“Purchase applications increased to the highest level since July and continued to run more than 20% ahead of last year’s pace,” he stated. “There was also a pickup in ARM [adjustable-rate mortgage] applications, both in terms of level and share, as ARM rates were considerably lower than fixed-rate loans, which typically benefits homebuyers.”
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Refinance demand was also robust. “The holiday-adjusted refinance index had its strongest week in a year, and the average loan size for refinances also increased significantly, since borrowers with large loans are more sensitive to bigger rate moves,” Kan added. “Refinance applications accounted for almost 49% of all applications last week.”
Loan Type Share Of Total Applications:
Refinance share: 48.8% (up from 46.9%)
ARM share: 9.2% (up from 8.8%)
FHA share: 18.5% (down from 19.9%)
VA share: 15.3% (up from 13.8%)
USDA share: 0.6% (up from 0.5%)
Average Contract Interest Rates:
30-year fixed (conforming ≤ $806,500): 6.49% (down from 6.64%), points at 0.56
30-year fixed (jumbo > $806,500): 6.44% (down from 6.58%), points at 0.48
FHA 30-year fixed: 6.27% (down from 6.31%), points at 0.68
15-year fixed: 5.70% (down from 5.84%), points at 0.55
5/1 ARM: 5.77% (down from 5.90%), points at 0.63
The MBA survey has been conducted weekly since 1990, covering U.S. closed-end residential mortgage applications through retail and consumer-direct channels.
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