Mortgage Applications Increase in Latest MBA Weekly Survey

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Mortgage applications increased 0.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 19, 2025. 

The Market Composite Index, a measure of mortgage loan application volume, increased 0.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 0.1% compared with the previous week. The Refinance Index increased 1% from the previous week and was 42% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 0.3% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 18% higher than the same week one year ago.

“Mortgage rates declined further last week, with the 30-year fixed rate falling to its lowest level since last September to 6.34%. Interest rates generally have moved up following the FOMC meeting last week but remain in a range that should continue to lead to increased refinance activity. Refinance volume increased further last week and is now 80% higher than four weeks ago, accounting for more than 60% of all application activity,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “The refinance boost last week was from government applications, with VA refinance volume up almost 15%. While homebuyer demand typically tends to decrease during the fall, purchase application activity remains relatively strong right now, running 18% ahead of last year’s pace.”

The refinance share of mortgage activity increased to 60.2% of total applications from 59.8% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.9% of total applications.

The FHA share of total applications decreased to 15.7% from 16.3% the week prior. The VA share of total applications increased to 17.5% from 15.8% 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 6.34% from 6.39%, with points increasing to 0.57 from 0.54 (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 6.44% from 6.48%, with points decreasing to 0.34 from 0.35 (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 6.14%, with points increasing to 0.74 from 0.68 (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 increased to 5.70% from 5.63%, with points increasing to 0.69 from 0.58 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.53% from 5.65%, with points increasing to 0.49 from 0.41 (including the origination fee) for 80% LTV loans.  The effective rate decreased 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.