Key facts
- Mortgage applications fell 1.5% in the week ended September 18, 2026.
- The 30-year fixed mortgage rate rose to 7.12%.
- Refinance applications decreased 3% from the previous week.
- Purchase applications decreased 1% from the previous week.
- The share of adjustable-rate mortgages increased to 9.8%.
Mortgage applications in the US declined for the week ended September 18, 2026, as interest rates continued to climb. The Mortgage Bankers Association (MBA) reported that overall applications fell 1.5% from the previous week, with both refinance and purchase applications seeing decreases. The average rate for a 30-year fixed mortgage, a key benchmark for homebuyers, rose to 7.12%, its highest level since May 2024. This increase in rates prompted more borrowers to consider adjustable-rate mortgages (ARMs), whose share of activity rose to 9.8%.
The refinance index saw a 3% drop from the prior week, and was down 62% compared to the same week in the previous year. The seasonally adjusted purchase index edged down 1% week-over-week, though the unadjusted purchase index increased 9% from the prior week. Mike Fratantoni, MBA’s senior vice president and chief economist, noted that the comparison was to a week that included the Labor Day holiday. He added that the pace of refinancing had fallen to its slowest since February 2025.
Rates for jumbo loan balances also increased to 7.15%. Rates for FHA-backed loans rose to 6.78%, and 15-year fixed loans saw rates increase to 6.43%. The only category to see a rate decrease was 5/1 ARMs, which averaged 6.10%.
Separately, Xactus's Mortgage Intent Index, which tracks credit-pull activity, posted a reading of 117.9, returning to its pre-Labor Day level. However, Thomas Lloyd, Xactus’s chief strategy officer, stated that mortgage intent remains muted due to the current rate environment and was approximately 17% lower year-over-year.