US Mortgage Applications Increase in the Week Ending February 7

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, February 7, the Market Composite Index—a measure of mortgage loan application volume—increased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.0% compared with the previous week.

The Refinance Index increased 10.0% from the previous week and was 33.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 2.0% from one week earlier. The unadjusted Purchase Index increased 4.0% compared with the previous week and was 2.0% higher 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 moved slightly lower last week, which led to the pace of refinance applications reaching its strongest week since October 2024. The average loan size for refinance borrowers increased, as these borrowers tend to be more responsive for a given change in rates. Purchase applications were down from the previous week’s level but were slightly ahead of last year’s pace. The average loan size for a purchase application increased to its highest level since March 2022 at $456,100, partially driven by fewer FHA purchase applications but more VA loans compared to the previous week.”