Mortgage Applications Increase in the Week Ending January 16

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, January 16, the Market Composite Index—a measure of mortgage loan application volume—increased 14.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 17.0%.

The Refinance Index increased 20.0% from the previous week and was 18.3% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 5.0% from one week earlier. On an unadjusted basis, the Purchase Index increased 12.0% compared with the prior week and was 18.0% higher than the same week one year ago.

In remarks accompanying the release, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates declined further last week, driving another big week for refinance applications, which saw the strongest level of activity since September 2025. The 30-year fixed rate averaged 6.16%, the lowest rate since September 2024. These lower rates prompted greater refinance activity from conventional and VA refinance borrowers, with increases of 29% and 26%, respectively. Refinance applications accounted for more than 60% of applications, and the average loan size also moved higher.

Purchase applications were also up over the week, fueled by an 8% increase in conventional loan activity, and were almost 18% higher than last year.”