US Mortgage Applications Fall for Sixth Consecutive Week

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, October 9, the Market Composite Index—a measure of mortgage loan application volume—decreased 2.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.0%.

The Refinance Index decreased 0.4% from the previous week and was 56% lower than the same week one year ago.

The seasonally adjusted Purchase Index decreased 4% from one week earlier. On an unadjusted basis, the Purchase Index decreased 4% compared with the prior week and was 16% lower than the same week one year ago.

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

“Mortgage applications decreased as rates moved higher last week. The 30-year fixed rate was 7.5%, the highest rate since November 2023 and more than a percentage point higher than a year ago. As a result, borrowers continue to rely more on ARM loans to help lower their monthly payments. The ARM share at 10.5% was at its highest level since October 2025. Last week’s decrease in refinances was mainly driven by a 5% drop in FHA refinance applications.”