US Mortgage Applications Fall in the Week Ending January 23

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, January 23, the Market Composite Index—a measure of mortgage loan application volume—fell 8.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index declined 16.0%.

The Refinance Index dropped 16.0% from the previous week but remained 156.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index edged down 0.4% from one week earlier. On an unadjusted basis, the Purchase Index declined 4.0% week-over-week but 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 increased for the first time in a month, and as expected, refinance applications fell by 16%. The 30-year fixed rate was the highest in three weeks at 6.24%. FHA refinance activity bucked the overall trend and increased, as FHA rates remained almost 20 basis points lower than conforming rates. With rates holding in the 6% range, the refinance market is likely to remain sensitive to week-to-week rate movements.

Purchase applications were 18% higher than last year’s pace, and the average loan size stayed at its highest level since September 2025, signaling that prospective homebuyers remain active at the start of the year.”