Mortgage Applications Increase in Latest MBA Weekly Survey
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Mortgage applications increased 28.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Jan. 9, 2026. Last week’s results included an adjustment for the New Year’s Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 28.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 65% compared with the previous week. The Refinance Index increased 40% from the previous week and was 128% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 16% from one week earlier. The unadjusted Purchase Index increased 51% compared with the previous week and was 13% higher than the same week one year ago.
“Mortgage rates dropped lower last week following the announcement of increased MBS purchases by the GSEs. Lower rates, including the 30-year fixed rate declining to 6.18%, sparked an increase in refinance applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Compared to a holiday-adjusted week, refinance applications surged 40 percent to the strongest weekly pace since October 2025.The average loan size for refinance applications was also higher, as borrowers with larger loan sizes are typically more sensitive to changes in rates.”
Added Kan, “Purchase applications also jumped last week and were 13% ahead of last year’s pace, as lower rates and higher inventory kept potential homebuyers active in the market.”
The refinance share of mortgage activity increased to 60.2% of total applications from 56.6% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7% of total applications.
The FHA share of total applications decreased to 19.2% from 20% the week prior. The VA share of total applications decreased to 16.1% from 17.3% 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) decreased to 6.18% from 6.25%, with points decreasing to 0.56 from 0.57 (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) increased to 6.42% from 6.32%, with points increasing to 0.43 from 0.42 (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 decreased to 6.08% from 6.09%, with points decreasing to 0.68 from 0.77 (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 5.6% from 5.64%, with points decreasing to 0.61 from 0.64 (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 5.42% from 5.9%, with points increasing to 0.49 from 0.19 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
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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.
