US Mortgage Applications Decline in the Week Ending September 11

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, September 11, the Market Composite Index—a measure of mortgage loan application volume—decreased 4.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 15%. This week’s results include an adjustment for the Labor Day holiday.

The Refinance Index decreased 9% from the previous week but was 65% lower than the same week one year ago.

The seasonally adjusted Purchase Index decreased 1% from one week earlier. On an unadjusted basis, the Purchase Index decreased 13% compared with the prior week but was 19% lower than the same week one year ago.

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

“Ongoing market concerns over spiking energy prices, persistently high inflation, and future monetary policy pushed bond yields and mortgage rates higher last week. As the 10-year Treasury inched closer to the 5% mark, mortgage rates followed and were almost 7%. The 30-year fixed rate at 6.97% was at its highest level since May 2025. After adjusting for the Labor Day holiday, purchase applications dipped relative to the week prior as higher mortgage rates caused many buyers to pause their purchase decisions. The current level of rates also eliminated much of the benefit to refinance for many borrowers, resulting in declines in conventional, FHA, and VA refinance applications.”