US Mortgage Applications Increase in the Week Ending January 31

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, January 31, the Market Composite Index—a measure of mortgage loan application volume—increased 2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 19.0% compared with the previous week. MBA notes that last week’s results include an adjustment for the Martin Luther King holiday.

The Refinance Index increased 12.0% from the previous week and was 17.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 4.0% from one week earlier. The unadjusted Purchase Index increased 15.0% compared with the previous week and was 0.2% 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 lower last week, consistent with lower Treasury yields following the FOMC meeting and a volatile week for stock market. The 30-year fixed rate declined to its lowest level in six weeks at 6.97%. Mortgage applications responded to these lower rates and were up for the week overall, driven by a 12% increase in refinance applications, which had their strongest week since December 2024.

Purchase activity had a tougher week, with declines across all loan types. The average loan size for a purchase loan has increased since the start of the year and continued that trend last week with weaker government purchase activity, which reached $447,300, the highest level since October 2024.”