Mortgage Applications Increase in Latest MBA Weekly Survey
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Mortgage applications increased 14.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Jan. 16, 2026.
The Market Composite Index, a measure of mortgage loan application volume, increased 14.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 17% compared with the previous week. The Refinance Index increased 20% from the previous week and was 183% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5% from one week earlier. The unadjusted Purchase Index increased 12% compared with the previous week and was 18% higher than the same week one year ago.
“Mortgage rates declined further last week, driving another big week for refinance applications, which saw the strongest level of activity since September 2025. The 30-year fixed rate averaged 6.16%, the lowest rate since September 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “These lower rates prompted greater refinance activity from conventional and VA refinance borrowers, with increases of 29% and 26%, respectively. Refinance applications accounted for more than 60% of applications, and the average loan size also moved higher.”
Added Kan, “Purchase applications were also up over the week, fueled by an 8% increase in conventional loan activity, and were almost 18% higher than last year.”
The refinance share of mortgage activity increased to 61.9% of total applications from 60.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.1% of total applications.
The FHA share of total applications decreased to 15.9% from 19.2% the week prior. The VA share of total applications increased to 16.2% from 16.1% 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 ($832,750 or less) decreased to 6.16% from 6.18%, with points decreasing to 0.54 from 0.56 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 6.39% from 6.42%, with points decreasing to 0.38 from 0.43 (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 decreased to 6.04% from 6.08%, with points increasing to 0.73 from 0.68 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.55% from 5.6%, with points increasing to 0.65 from 0.61 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs remained unchanged at 5.42%,with points increasing to 0.62 from 0.49 (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.
