Mortgage Applications Increase in the Week Ending February 28

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, February 28, the Market Composite Index—a measure of mortgage loan application volume—increased 20.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22.0% compared with the previous week.

The Refinance Index increased 37.0% from the previous week and was 83% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 9.0% from one week earlier. The unadjusted Purchase Index increased 12.0% percent compared with the previous week and was 2.0% higher 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:

“Mortgage rates declined last week on souring consumer sentiment regarding the economy and increasing uncertainty over the impact of new tariffs levied on imported goods into the US. Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024. At 6.73%, the rate is now at its lowest level since December 2024. Additionally, the FHA rate dipped to 6.42%. Refinance activity was at its fastest pace since October 2024, as conventional refinance applications rose 34% and government refinance applications increased by 42% over the week. The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months.

Purchase activity typically ramps up this time of year and did last week, continuing its run ahead of last year’s pace. These are more green shoots as we head into the spring homebuying season.”