Mortgage applications increased 14.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 16, 2026.

The Market Composite Index, a measure of mortgage loan application volume, increased 14.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 17 percent compared with the previous week. The Refinance Index increased 20 percent from the previous week and was 183 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index increased 12 percent compared with the previous week and was 18 percent higher than the same week one year ago.

“Mortgage rates declined further last week, driving another big week for refinance applications, which saw the strongest level of activity since September 2025. The 30-year fixed rate averaged 6.16 percent, the lowest rate since September 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “These lower rates prompted greater refinance activity from conventional and VA refinance borrowers, with increases of 29 percent and 26 percent, respectively. Refinance applications accounted for more than 60 percent of applications, and the average loan size also moved higher.”

Added Kan, “Purchase applications were also up over the week, fueled by an 8 percent increase in conventional loan activity, and were almost 18 percent higher than last year.”

The refinance share of mortgage activity increased to 61.9 percent of total applications from 60.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.1 percent of total applications.

The FHA share of total applications decreased to 15.9 percent from 19.2 percent the week prior. The VA share of total applications increased to 16.2 percent from 16.1 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 6.16 percent from 6.18 percent, with points decreasing to 0.54 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 6.39 percent from 6.42 percent, with points decreasing to 0.38 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.04 percent from 6.08 percent, with points increasing to 0.73 from 0.68 (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 5.55 percent from 5.60 percent, with points increasing to 0.65 from 0.61 (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 remained unchanged at 5.42 percent, with points increasing to 0.62 from 0.49 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.