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 from 37.0% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 10.5% of total applications.
The Federal Housing Administration (FHA) share of total applications remained unchanged at 16.4% from the week prior. The U.S. Department of Veterans Affairs (VA) share of total applications increased to 11.9% from 11.8% the week prior. The U.S. Department of Agriculture (USDA) share of total applications increased to 0.6% from 0.5% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 7.50% from 7.49% and rates for for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 7.49% from 7.39%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 7.19% from 7.14%, and rates for 15-year fixed-rate mortgages increased to 6.87% from 6.71%. The average contract interest rate for 5/1 ARMs increased to 6.54% from 6.43%.
Xactus Mortgage Intent Index
Xactus’s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — stayed the same at a reading of 102.7.
“Mortgage intent remained flat week over week, with the Xactus Mortgage Intent Index holding steady at 102.7, a welcome sign after two weeks of high, single-digit declines,” said Thomas Lloyd, chief strategy officer at Xactus. “However, the index remains approximately 20% below the same week last year, underscoring the persistent weakness in borrower demand.”
Lloyd continued, “While the week-over-week stabilization may signal a pause in the recent downward trend, mortgage intent remains subdued heading into the fourth quarter, when seasonal factors typically place additional pressure on activity.”
