Mortgage Applications Decrease in Latest MBA Weekly Survey

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Mortgage applications decreased 4.1% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Sept. 11, 2026.  This week’s results include an adjustment for the Labor Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.1% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 15% compared with the previous week. The Refinance Index decreased 9% from the previous week and was 65% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 13% compared with the previous week and was 19% lower than the same week one year ago.

“Ongoing market concerns over spiking energy prices, persistently high inflation, and future monetary policy pushed bond yields and mortgage rates higher last week. As the 10-year Treasury inched closer to the 5% mark, mortgage rates followed and were almost 7%. The 30-year fixed rate at 6.97% was at its highest level since May 2025,” said Joel Kan, CMB, MBA’s VP and Deputy Chief Economist. “After adjusting for the Labor Day holiday, purchase applications dipped relative to the week prior as higher mortgage rates caused many buyers to pause their purchase decisions. The current level of rates also eliminated much of the benefit to refinance for many borrowers, resulting in declines in conventional, FHA, and VA refinance applications.”

The refinance share of mortgage activity decreased to 39.4% of total applications from 40.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.4% of total applications.

The FHA share of total applications decreased to 16.9% from 17.2% the week prior. The VA share of total applications increased to 12.4% from 12% 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) increased to 6.97% from 6.85%, with points increasing to 0.72 from 0.67 (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 7.03% from 6.74%, with points decreasing to 0.59 from 0.63 (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 6.62% from 6.53%, with points decreasing to 0.85 from 0.86 (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 6.3% from 6.17%, with points increasing to 0.98 from 0.93 (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 6.23% from 5.82%, with points increasing to 0.99 from 0.84 (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 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.