Mortgage Applications Decrease in Latest MBA Weekly Survey
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Mortgage applications decreased 1.8% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 10, 2025.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week. The Refinance Index decreased 1% from the previous week and was 59% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 20% higher than the same week one year ago.
“Mortgage rate movements were mixed last week, with the 30-year fixed rate decreasing slightly to 6.42%. Mortgage applications were lower than the week before, as conventional and VA applications saw declines,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “FHA applications saw a stronger week, and FHA refinance applications in particular increased 12% as the FHA rate stayed more than 10 basis points lower than the conventional fixed rate. Purchase applications declined for the third consecutive week but remained 20% ahead of last year’s pace as improving inventory conditions in certain markets continue to maintain homebuyer interest.”
The refinance share of mortgage activity increased to 53.6% of total applications from 53.3% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 9.3% of total applications.
The FHA share of total applications increased to 20.5% from 18.5% the week prior. The VA share of total applications decreased to 14.9% from 16.3% the week prior. The USDA share of total applications remained unchanged at 0.4% from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.42% from 6.43%, with points increasing to 0.61 from 0.60 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) decreased to 6.47% from 6.60%, with points increasing to 0.53 from 0.44 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 6.19%, with points increasing to 0.76 from 0.73 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 5.77%, with points decreasing to 0.70 from 0.79 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs increased to 5.63% from 5.49%, with points decreasing to 0.59 from 0.74 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
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The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.
