From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 1.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 31, 2025. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week and was 151 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 26 percent higher than the same week one year ago. “Mortgage rate movements were mixed last week as Treasury yields moved slightly higher following last week’s FOMC meeting. The 30-year fixed rate was mostly unchanged at 6.31 percent and remained close to the lowest level in over a year,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Despite a decline last week, refinance applications are still significantly higher than a year ago. The average loan size for refinance applications was at its highest level in six weeks, as borrowers with larger loans continued to seek ways to lower their monthly payments. Purchase applications declined slightly from a week ago, however, there was slight increase in FHA purchase applications as prospective homebuyers continue to seek loan options to help manage challenging affordability conditions.” … The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31 percent from 6.30 percent, with points remaining unchanged at 0.58 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. emphasis added

Click on graph for larger image. The first graph shows the MBA mortgage purchase index. According to the MBA, purchase activity is up 26% year-over-year unadjusted. 

Red is a four-week average (blue is weekly).  

Purchase application activity is still depressed, but above the lows of 2023 and slightly above the lowest levels during the housing bust.  

The second graph shows the refinance index since 1990.

The refinance index has increased from the bottom as mortgage rates declined.