MBA mortgage applications slip 2.7% as rates continue to rise

Mortgage applications decreased 2.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending October 9, 2026. On an unadjusted basis, the index decreased 2% compared with the previous week. The refinance index decreased 0.4% from the previous week and was 56% lower than the same week one year ago. The seasonally adjusted purchase index decreased 4% from one week earlier, and the unadjusted purchase index decreased 4% compared with the previous week and was 16% lower than the same week one year ago. “Mortgage applications decreased as rates moved higher last week. The 30-year fixed rate was 7.5%, the highest rate since November 2023 and more than a percentage point higher than a year ago,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “As a result, borrowers continue to rely more on ARM loans to help lower their monthly payments. The ARM share at 10.5% was at its highest level since October 2025. Last week’s decrease in refinances was mainly driven by a 5% drop in FHA refinance applications.” The refinance share of mortgage activity increased to 37.7% of total applications f...