Mortgage Applications Rise in the Week Ending September 13th—Fourth Consecutive Increase

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, September 13th, the Market Composite Index—a measure of mortgage loan application volume—increased 14.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 26.0% compared with the previous week.

The Refinance Index increased 24.0% from the previous week and was 127.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 5.0% compared to one week ago. The unadjusted Purchase Index decreased 15.0% compared with the previous week but was 0.4% 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 up significantly last week, as market expectations of a rate cut from the Fed pulled mortgage rates lower. The 30-year fixed mortgage rate, at 6.15%, is now at its lowest since September 2022 and is more than a full percentage point lower than a year ago. Refinance applications were up 24%—more than double last year’s pace, with both conventional and government activity jumping to the fastest pace of refinancing since 2022.

There was also an increase in purchase applications, and it is notable that conventional purchase applications increased to a pace ahead of last year, which also drove overall purchase applications very close to year-ago levels. Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth.”