Mortgage application volume fell 2.3% during the week ended February 9, as the average rate for a 30-year, fixed-rate mortgage increased to 6.87%, up from 6.80% last week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances decreased 2% compared with the previous week but were up 12% compared with the same week one year earlier.
Applications for purchases decreased 3% compared with the previous week and were down 12% compared with the same week one year ago.
“Application activity was weaker last week, as mortgage rates moved higher across the board,” says Joel Kan, vice president and deputy chief economist for the MBA, in a release. “The 30-year fixed mortgage rate was up to 6.87 percent – the highest rate since early December 2023.
“Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory,” Kan says. “Refinance applications declined and remained depressed, with rates still higher than a year ago.”
The refinance share of mortgage activity decreased to 34.2% of total applications, down from 35.4% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 7.0% of total applications.