Mortgage Applications Increase in Latest MBA Weekly Survey

WASHINGTON, D.C. (February 25, 2026) - Mortgage applications increased 0.4 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 20, 2026.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2 percent compared with the previous week. The Refinance Index increased 4 percent from the previous week and was 150 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 12 percent higher than the same week one year ago.

"Mortgage rates followed Treasury yields lower last week, with the 30-year fixed rate declining to 6.09 percent - its lowest level since September 2022. The decrease in rates was enough to drive a 5 percent increase in conventional refinance applications and a 26 percent increase in VA refinances," said Joel Kan, MBA's Vice President and Deputy Chief Economist. "Purchase applications were down over the week but were 12 percent higher than a year ago, as the combination of lower rates and improving affordability conditions continue to support stronger demand than last year. The ARM share stayed above 8 percent, as ARM rates remained more than 80 basis points below conforming fixed rates. This is giving payment-sensitive borrowers or those seeking larger loans an incentive to choose this product offering."

The refinance share of mortgage activity increased to 58.6 percent of total applications from 57.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8.2 percent of total applications.

The FHA share of total applications decreased to 16.1 percent from 18.4 percent the week prior. The VA share of total applications increased to 18.7 percent from 16.5 percent the week prior. The USDA share of total applications remained unchanged at 0.4 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 6.09 percent from 6.17 percent, with points decreasing to 0.53 from 0.56 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 6.20 percent from 6.21 percent, with points increasing to 0.42 from 0.27 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 5.97 percent from 5.99 percent, with points remaining unchanged at 0.65 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.48 percent from 5.50 percent, with points decreasing to 0.70 from 0.73 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.23 percent from 5.29 percent, with points decreasing to 0.41 from 0.62 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.