Mortgage Applications Decline in the Week Ending February 9th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, February 9th, the Market Composite Index—a measure of mortgage loan application volume—decreased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.0% compared with the previous week.

The Refinance Index decreased 2.0% from one week ago but was 12.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 3.0% compared with one week ago. The unadjusted Purchase Index increased 4.0% compared with the previous week but was 12.0% 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:

“Application activity was weaker last week, as mortgage rates moved higher across the board. The 30-year fixed mortgage rate was up to 6.87%—the highest rate since early December 2023. Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory. Refinance applications declined and remained depressed, with rates still higher than a year ago.”