Beating the expectations of a typical quiet winter season for the housing market, mortgage applications shot up by a whopping 28.5% from one week earlier, according to the latest data from the Mortgage Bankers Association’s (MBA).
The MBA’s latest Weekly Mortgage Applications Survey found that the Market Composite Index—a measure of mortgage loan application volume—grew 28.5% on an adjusted basis, and 65% on an unadjusted basis.
“Mortgage rates dropped lower last week following the announcement of increased MBS purchases by the GSEs,” explained Joel Kan, MBA’s vice president and deputy chief economist. “Lower rates, including the 30-year fixed rate declining to 6.18%, sparked an increase in refinance applications.”
In addition, MBA reported that the Refinance Index increased 40% from the previous week and was 128% higher than the same week one year ago, reaching their “strongest weekly pace since October 2025,” as Kan noted .
“The average loan size for refinance applications was also higher, as borrowers with larger loan sizes are typically more sensitive to changes in rates,” he continued
The seasonally adjusted Purchase Index also increased by 16% from one week earlier. The unadjusted Purchase Index increased 51% compared with the previous week and was 13% higher than the same week one year ago.
“Purchase applications also jumped last week and were 13% ahead of last year’s pace, as lower rates and higher inventory kept potential homebuyers active in the market,” Kan added.
As for shares of activity, the refinance share of mortgage activity increased to 60.2% of total applications from 56.6% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.0% of total applications. The FHA share of total applications decreased to 19.2% from 20.0% the week prior. The VA share of total applications decreased to 16.1% from 17.3% the week prior. The USDA share of total applications remained unchanged at 0.4% from the week prior.
