US Mortgage Applications Decline in the Week Ending January 24

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, January 24, the Market Composite Index—a measure of mortgage loan application volume—decreased 2.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 9.0% compared with the previous week.

The Refinance Index decreased 7.0% from the previous week but was 5.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 0.4% from one week earlier. The unadjusted Purchase Index decreased 4.0% compared with the previous week and was 7.0% 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:

“Mortgage rates were mixed last week, and the 30-year fixed rate remained unchanged at 7.02%. Application activity was slightly weaker, primarily because of a 7% decline in refinancing across both conventional and government loans. Purchase activity decreased slightly, but applications for FHA purchase loans were a bright spot, increasing by 2%. New and existing-home sales ended 2024 on a strong note, and if mortgage rates continue to stabilize and for-sale inventory loosens, we expect a gradual pick up in purchase activity in the coming months.”