Mortgage Applications Decrease in Latest MBA Weekly Survey

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Mortgage applications decreased 8.9% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Jan. 30, 2026. Last week’s results included an adjustment for the Martin Luther King Holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 8.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 4% compared with the previous week. The Refinance Index decreased 5% from the previous week and was 117% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 14% from one week earlier. The unadjusted Purchase Index increased 2% compared with the previous week and was 4% higher than the same week one year ago.

“Application volume was down last week, led by a 14% drop in purchase applications. Winter Storm Fern likely had an impact as much of the country was snowed in, hampering homebuying activity,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The annual increase in purchase applications was the weakest since April 2025. Refinance activity also decreased over the week, despite mortgage rates moving lower. The 30-year fixed rate averaged 6.21% last week, a slight decline, but not significant enough to incentivize more borrowers to refinance. Additionally, this week’s results are being compared to the week that included the MLK Jr. holiday.”

The refinance share of mortgage activity increased to 57.1% of total applications from 56.2% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.5% of total applications.

The FHA share of total applications decreased to 17.8% from 18.6% the week prior. The VA share of total applications increased to 15.8% from 14.7% 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 ($832,750 or less) decreased to 6.21% from 6.24%, with points increasing to 0.56 from 0.55 (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 6.32% from 6.34%, with points decreasing to 0.34 from 0.40 (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 6.06%, with points decreasing to 0.67 from 0.75 (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 5.61% from 5.64%, with points increasing to 0.63 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 decreased to 5.37% from 5.56%, with points decreasing to 0.58 from 0.80 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.