Mortgage Applications Climb in the Week Ending January 10

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, January 10, the Market Composite Index—a measure of mortgage loan application volume—increased 33.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 52.0% compared with the previous week. Last week’s results included an adjustment for the New Year’s holiday.

The Refinance Index increased 44.0% from the previous week and was 22.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 27.0% from one week earlier. The unadjusted Purchase Index increased 48.0% compared with the previous week but was 2.0% lower than the same week one year ago.

Commenting on the results of this week’s survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Bond yields in the US and abroad continued to move higher in response to concerns over a sticky inflation outlook and still too-high budget deficits, which pushed mortgage rates higher for the fifth consecutive week. The 30-year fixed rate is now at 7.09%—its highest level since May 2024. This time of the year is a particularly volatile time for application volumes, so it can be more helpful to focus on the level rather than the percent change. Purchase applications were 2% lower, and refinances were 22% higher compared to a year ago. Total applications were up by 33.3%, the highest level in a month, as both purchase and refinance applications saw large percentage increases over the week.”