Mortgage Applications Decrease in Latest MBA Weekly Survey

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Mortgage applications decreased 2.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 9, 2026. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7% 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 0.4% from the previous week and was 56% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 4% compared with the previous week and was 16% lower than the same week one year ago.

“Mortgage applications decreased as rates moved higher last week. The 30-year fixed rate was 7.5%, the highest rate since November 2023 and more than a percentage point higher than a year ago,” said Joel Kan, CMB, MBA’s Vice President and Deputy Chief Economist. “As a result, borrowers continue to rely more on ARM loans to help lower their monthly payments. The ARM share at 10.5% was at its highest level since October 2025. Last week’s decrease in refinances was mainly driven by a 5% drop in FHA refinance applications.”

The refinance share of mortgage activity increased to 37.7% of total applications from 37% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 10.5% of total applications.

The FHA share of total applications remained unchanged at 16.4% from the week prior. The VA share of total applications increased to 11.9% from 11.8% the week prior. The USDA share of total applications increased to 0.6% from 0.5% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 7.5% from 7.49%, with points decreasing to 0.83 from 0.84 (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) increased to 7.49% from 7.39%, with points increasing to 0.70 from 0.52 (including the origination fee) for 80% LTV loans. The effective rate increased from last week. 

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 7.19% from 7.14%, with points decreasing to 1.21 from 1.36 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.87% from 6.71%, with points decreasing to 0.90 from 1.05 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 6.54% from 6.43%, with points decreasing to 1.13 from 1.69 (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 or contact mbaresearch@mba.org. 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.