US Mortgage Applications Increase in the Week Ending March 7

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, March 7, the Market Composite Index—a measure of mortgage loan application volume—increased 11.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12.0% compared with the previous week.

The Refinance Index increased 16% from the previous week and was 90% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 7% from one week earlier. The unadjusted Purchase Index increased 8% compared with the previous week and was 4% 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 declined for the sixth consecutive week, with the 30-year fixed rate dropping to 6.67%, the lowest level since October 2024. As a result, applications increased over the week and were up 31% from a year ago. As we enter the spring homebuying season, the purchase index was more than 4% higher than a year ago, and activity was up across all loan categories. Government purchase applications experienced an 11% increase—helped by the FHA rate dropping to 6.34%. Additionally, average loan sizes were higher, with the purchase loan amount hitting $460,800, the highest in the survey dating back to 1990.”