U.S. mortgage applications fell 6% for the week ending September 25, 2026, as the average 30-year fixed conforming contract rate rose to 7.30%—its highest level since November 2023, according to the Mortgage Bankers Association (MBA). Purchase and refinance applications each reached their slowest weekly pace since 2025. Here, “mortgage demand” means application volume, not completed home sales or a count of all households considering a loan.
What the MBA report measured
The MBA released its weekly survey results on September 30, 2026. Its Market Composite Index tracks mortgage loan application volume. The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer-direct channels, drawing responses from mortgage bankers, commercial banks, thrifts, and credit unions. It is therefore a measure of applications within that survey scope—not closed mortgages, home sales, or every prospective borrower. MBA’s September 30 release provides the figures and methodology.
How purchase and refinance applications changed
Seasonally adjusted, the overall Market Composite Index fell 6.0% from the prior week. Purchase applications declined 4% and refinance applications declined 9%. On an unadjusted basis, the purchase index was down 5% week over week and 14% below the same week a year earlier. The refinance index was 56% lower than a year earlier.
These figures use different comparison periods and, for purchase applications, different seasonal-adjustment treatments. The week-over-week 4% purchase decline is seasonally adjusted; the 5% weekly and 14% annual declines are unadjusted. The MBA characterized both purchase and refinance activity as being at their slowest weekly pace since 2025.
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Rates rose as applications fell
The MBA’s average contract rate for a 30-year fixed conforming mortgage increased to 7.30%, from 7.12% the previous week. The association said that was the highest rate since November 2023. Joel Kan, MBA vice president and deputy chief economist, said rates had risen for six consecutive weeks and attributed the application decline to the recent rate surge. The survey shows the rate and application movements together; it does not establish why each individual borrower did or did not apply.
The reported averages vary by loan type, so the conforming figure is not a personalized offer or a rate every borrower will receive:
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| Mortgage type | MBA average contract rate |
|---|---|
| 30-year fixed conforming | 7.30% |
| 30-year fixed jumbo | 7.27% |
| 30-year fixed FHA | 6.97% |
| 15-year fixed | 6.56% |
| 5/1 adjustable-rate mortgage | 6.47% |
These are the contract averages reported for the survey week, not borrower-specific quotes. The MBA release states the assumptions and points associated with its rate measures.
Refinancing share and government loans
Refinances made up 38.3% of applications, down from 39.3% the prior week. Government refinance applications fell 13% over the week, with the MBA reporting double-digit declines in both FHA and VA applications. Meanwhile, adjustable-rate mortgages represented 10.3% of applications, the highest share since October 2025.
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Why weekly comparisons need context
Weekly index changes can depend on seasonal adjustments and holiday timing. In its September 18 report, the MBA noted a Labor Day adjustment; the unadjusted composite rose even as the seasonally adjusted index fell. That is why it matters to identify whether a change is seasonally adjusted and whether the comparison is weekly or year over year. The September 25 figures describe one week of applications and should not be read as a direct count of home purchases or completed refinances.
Kan’s comments and the detailed September 30 figures are in the MBA weekly survey release. The earlier holiday-adjusted comparison appears in the September 18 coverage.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
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