Data tracking home purchase and refinance applications showed decreases in both indexes again this week in the wake of ongoing economic uncertainty and steadily rising mortgage rates.
According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and includes purchases and refinances—decreased 0.8% on a seasonally adjusted basis from last week’s 10.4% decrease, for the week ending April 3. On an unadjusted basis, the Index increased 1% compared with the previous week.
“Higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week,” said Joel Kan, MBA’s vice president and deputy chief economist. “While mortgage rates saw a slight reprieve, with the 30-year fixed rate decreasing to 6.51 percent, many potential refinance borrowers have been frozen out by the sharp increase over the past month.”
He noted that the pace of refinance applications was at its lowest level since December 2025. Overall he said purchase activity has also been adversely impacted by current conditions–down 7% lower on a year-over-year basis, which is the first annual decline since January 2025, Kan said.
MBA’s Refinance Index decreased 3% from the previous week and was 4% lower than the same week one year ago. The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 7% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 44.3% of total applications from 45.3% the previous week.
A brighter spot in this week’s data showed in the adjustable-rate mortgage (ARM) share of activity, which increased to 8.6% of total applications thanks to lower rates in that particular segment.
“Certain loan types and geographic segments are faring better than others because of lower rates on ARM and FHA loans as well as growing housing inventory in some local markets,” Kan noted. “Applications for FHA purchase applications were up 5 percent over the week, supported by the FHA mortgage rate being about 30 basis points lower than the conventional mortgage rate.”
For the full report click here.
