Mortgage applications decreased 10.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 27, 2026.

The Market Composite Index, a measure of mortgage loan application volume, decreased 10.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10 percent compared with the previous week. The Refinance Index decreased 17 percent from the previous week and was 33 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 1 percent higher than the same week one year ago.

“The 30-year mortgage rate, now at 6.57 percent, reached its highest level since last August and is up half a percentage point from just one month ago. Refinance application volumes declined sharply again last week, dropping 17 percent, and are down more than 40 percent compared to last month,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “Seasonally adjusted purchase application volume also declined over the week, but only by 3 percent. The headwinds of higher rates are being offset somewhat by the buyer’s market in many parts of the country – there are more homes for sale than buyers have seen in some time. Moreover, purchase applications for FHA and VA loans continue to hold up better than those for conventional buyers. However, the shocks of the jump in rates and the increase in overall economic uncertainty are likely having an impact on buyer confidence.”

The refinance share of mortgage activity decreased to 45.3 percent of total applications from 49.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.0 percent of total applications.

The FHA share of total applications decreased to 19.5 percent from 19.7 percent the week prior. The VA share of total applications increased to 16.1 percent from 15.9 percent the week prior. The USDA share of total applications remained unchanged at 0.5 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 6.57 percent from 6.43 percent, with points remaining unchanged at 0.65 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 6.59 percent from 6.45 percent, with points decreasing to 0.43 from 0.56 (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 increased to 6.25 percent from 6.15 percent, with points increasing to 0.81 from 0.75 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.89 percent from 5.83 percent, with points decreasing to 0.75 from 0.80 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.67 percent from 5.75 percent, with points decreasing to 0.56 from 0.68 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.