Mortgage Applications Increase in Latest MBA Weekly Survey

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Mortgage applications increased 11.2% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 7, 2025. 

The Market Composite Index, a measure of mortgage loan application volume, increased 11.2% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 12% compared with the previous week. The Refinance Index increased 16% from the previous week and was 90% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 7% from one week earlier. The unadjusted Purchase Index increased 8% compared with the previous week and was 4% higher than the same week one year ago.

“Mortgage rates declined for the sixth consecutive week, with the 30-year fixed rate dropping to 6.67%, the lowest level since October 2024. As a result, applications increased over the week and were up 31% from a year ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “As we enter the spring homebuying season, the purchase index was more than 4% higher than a year ago, and activity was up across all loan categories. Government purchase applications experienced an 11% increase – helped by the FHA rate dropping to 6.34%. Additionally, average loan sizes were higher, with the purchase loan amount hitting $460,800, the highest in the survey dating back to 1990.”

The refinance share of mortgage activity increased to 45.6% of total applications from 43.8% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.2% of total applications.

The FHA share of total applications decreased to 16.1% from 16.7% the week prior. The VA share of total applications increased to 15.9% from 14.6% the week prior. The USDA share of total applications decreased to 0.4% from 0.5% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.67% from 6.73%, with points increasing to 0.63 from 0.60 (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 $806,500) decreased to 6.68% from 6.83%, with points increasing to 0.48 from 0.47 (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 6.34% from 6.42%, with points decreasing to 0.74 from 0.79 (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 6.04% from 6.12%, with points increasing to 0.68 from 0.64 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.81% from 5.85%, with points increasing to 0.72 from 0.41 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.

If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mba.org/WeeklyApps, contact mbaresearch@mba.org or click here.

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.