Mortgage Applications Decrease in Latest MBA Weekly Survey
(Image courtesy of Cytonn Photography/Pexels.com)
Mortgage applications decreased 0.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending February 6, 2026.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2% compared with the previous week. The Refinance Index increased 1% from the previous week and was 101% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index increased 4% compared with the previous week and was 4% higher than the same week one year ago.
“Mortgage applications were relatively flat over the week, but it was a mixed bag for the different loan types. The 30-year fixed rate was unchanged at 6.21 percent, and conventional applications declined for both purchases and refinances as borrowers held out for another drop in rates or shifted to other loan types,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “FHA purchase and refinance applications increased, helped partially by the FHA rate declining and remaining 20 basis points lower than the conforming 30-year fixed rate.”
Added Kan, “Borrowers are increasingly utilizing FHA loans as affordability challenges remain, despite recent improvements. Similarly, the ARM share increased to a seven-week high with ARM rates almost a percentage point lower than fixed rates.”
The refinance share of mortgage activity decreased to 56.4% of total applications from 57.1% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.0% of total applications.
The FHA share of total applications increased to 18.4% from 17.8% the week prior. The VA share of total applications increased to 16.0% from 15.8% 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) remained unchanged at 6.21%, with points remaining unchanged at 0.56 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 6.30% from 6.32%, with points remaining unchanged at 0.34 (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 6.01% from 6.04%, with points increasing to 0.68 from 0.67 (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 increased to 5.65% from 5.61%, with points increasing to 0.68 from 0.63 (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 5.33% from 5.37%, with points increasing to 0.67 from 0.58 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
