"Total mortgage application volume dropped 8.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Last week's results included an adjustment for the Martin Luther King Jr. holiday. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $832,750 or less, decreased to 6.21% from 6.24%, with points increasing to 0.56 from 0.55,"
"Despite the drop, applications to refinance a home loan fell 5% for the week but were still 117% higher than the same week one year ago, when rates were over 7%. The refinance share of mortgage activity increased to 57.1% of total applications from 56.2% the previous week. Yes, lower mortgage rates in early 2026 are boosting U.S. housing demand, with strong increases observed in pending home sales and purchase applications."
A harsh winter storm reduced mortgage market activity, causing potential buyers to stay home and total mortgage application volume to drop 8.9% week over week (seasonally adjusted). The average contract interest rate for 30-year conforming loans declined to 6.21% from 6.24%, while points rose to 0.56 from 0.55. Refinance applications fell 5% for the week but remained 117% higher than a year earlier, increasing the refinance share to 57.1% of applications. Lower rates around 6.09% in early 2026 boosted pending home sales and purchase applications, though tight inventory keeps upward pressure on home prices.
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