US Mortgage Applications Fall in the Week Ending September 4

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, September 4, 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 decreased 4%.

The Refinance Index decreased 6% from the previous week but was 25% lower than the same week one year ago.

The seasonally adjusted Purchase Index decreased 0.2% from one week earlier. On an unadjusted basis, the Purchase Index decreased 3% compared with the prior week but was 4% 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 moved higher last week, driven by ongoing investor concerns over inflation and the federal budget deficit. The 30-year fixed rate increased to 6.85%, the highest since June 2025 and 36 basis points higher than a year ago. Refinance applications remain significantly impacted by these higher rates, falling to the slowest weekly pace since May 2025. Purchase applications overall were little changed from last week, but more borrowers have shifted to using ARM loans, with the ARM share of applications at 8.5%, the highest share since June. Higher mortgage rates continue to weigh on prospective homebuyers looking to act, even as housing inventory has increased in many markets.”