"The seasonally adjusted purchase index decreased 14% from one week earlier, while the unadjusted purchase index increased 2% compared with the previous week and was 4% higher than the same week one year ago. Application volume was down last week, led by a 14% drop in purchase applications. Winter Storm Fern likely had an impact as much of the country was snowed in, hampering homebuying activity, said Joel Kan, the MBA's vice president and deputy chief economist."
"The annual increase in purchase applications was the weakest since April 2025. Refinance activity also decreased over the week, despite mortgage rates moving lower. The 30-year fixed rate averaged 6.21% last week, a slight decline, but not significant enough to incentivize more borrowers to refinance. Additionally, this week's results are being compared to the week that included the MLK Jr. holiday. The refinance index decreased 5% from the previous week and was 117% higher than the same week one year ago."
"The refinance share of mortgage activity increased to 57.1% of total applications, up from 56.2% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.5% of total applications. The Federal Housing Administration (FHA) share of total applications decreased to 17.8%, down from 18.6% the week prior. The U.S. Department of Veterans Affairs (VA) share increased from 14.7% to 15.8% from 14.7% during the week, while the U.S. Department of Agriculture (USDA) share decreased from 0.5% to 0.4%."
Seasonally adjusted purchase activity dropped 14% week-over-week, while the unadjusted purchase index rose 2% versus the prior week and was 4% higher year-over-year. Overall application volume declined, driven by a 14% fall in purchase applications. Winter Storm Fern likely hampered homebuying as much of the country was snowed in. The annual gain in purchase applications was the weakest since April 2025. Refinance activity decreased 5% from the previous week but was 117% higher than the same week a year earlier. The refinance share rose to 57.1%; ARM share fell to 7.5%. FHA share decreased to 17.8% while VA and USDA shares moved to 15.8% and 0.4% respectively. Conforming 30-year rates eased to 6.21% with similar small declines across other product types.
Read at www.housingwire.com
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