U.S. mortgage applications fell again as rates climbed: the Mortgage Bankers Association (MBA) reported a 6.0% seasonally adjusted drop in its Market Composite Index for the week ending September 25, 2026. Purchase applications fell 4.0% and refinance applications fell 9.0%. MBA’s 30-year fixed contract rate reached 7.3%, its highest level since November 2023.
How much did mortgage applications fall?
In its September 30, 2026 release, the MBA said its seasonally adjusted Market Composite Index—a measure of mortgage loan application volume—fell 6.0% from the previous week. The Purchase Index declined 4.0%, while the Refinance Index fell 9.0%. The MBA said both purchase and refinance applications were at their slowest weekly pace since 2025. MBA’s September 30 survey release
The figures are week-over-week changes in seasonally adjusted indexes, not a count of applications or a year-over-year comparison. The larger decline in refinancing indicates that refinance applications fell faster than purchase applications in this survey week; it does not by itself show why any particular borrower did or did not apply.
What happened to mortgage rates?
The MBA’s survey put the average contract rate for a 30-year fixed mortgage at 7.3% for the week ending September 25, 2026, the highest level since November 2023. It was the sixth consecutive weekly increase in that series. The contract rate is the MBA survey’s measure and should not be confused with other published rate averages.
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Separately, the Associated Press reported that Freddie Mac’s average 30-year fixed rate was 7.28% on October 1, 2026, up from 7.03% the prior week and 6.34% a year earlier. AP said that Freddie Mac reading was the highest since November 22, 2023, when it stood at 7.29%. The MBA and Freddie Mac figures refer to different rate series and dates, so they are not conflicting readings of one identical measurement. Associated Press report on Freddie Mac rates
How this decline fits the recent trend
The MBA also reported declines in earlier releases: its seasonally adjusted composite index fell 4.1% for the week ending September 11 and 1.5% for the week ending September 18, before the 6.0% fall for September 25. The September 11 and September 18 releases noted Labor Day adjustments, which can affect week-to-week comparisons. MBA release for the week ending September 11; MBA release for the week ending September 18
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- FIGURE OUT THE RIGHT LOAN: 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
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Adjusted and unadjusted readings are not interchangeable. For example, the MBA’s September 18 release reported that the unadjusted index rose 9% week over week even as the seasonally adjusted index fell 1.5%. The different results reflect different treatments of seasonal patterns; they do not mean that the same measure both rose and fell.
What borrowers did as fixed rates rose
Adjustable-rate mortgages (ARMs) accounted for 10.3% of MBA applications in the week ending September 25, the largest share since October 2025. The MBA said ARM rates were about 80 basis points below fixed rates at the time. That describes the application mix and relative rates in the survey; it does not establish whether an ARM is suitable for an individual borrower. ARM terms and future payments vary, so applicants need to assess the specific loan and their own circumstances.
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What the figures do—and do not—say
MBA Vice President and Deputy Chief Economist Joel Kan, CMB, said, “Mortgage rates jumped to their highest level in almost three years, pushing borrowers to the sidelines.” He also said, “Mortgage applications fell by 6 percent due to the recent surge in rates, with purchase and refinance applications both declining to their slowest weekly pace since 2025.”
The releases document a recent decline in applications alongside rising rates; they do not establish how long either trend will continue. They also do not predict future rates or show what an individual borrower will qualify for. Treat the indexes as a snapshot of activity in the specified survey weeks, rather than a forecast.
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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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