MBA weekly data for Sept. 18, 2026, show mortgage applications fell 1.5% as the 30-year fixed rate rose to 7.12%. Refinance fell 3%, purchase slipped 1% and ARM share increased to 9.8%.
Mortgage applications decreased 1.5% from one week earlier as rates rose above 7%, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending Sept. 18.
The trade group confirmed that last week’s results included an adjustment for the Labor Day holiday. On an unadjusted basis, the index increased 9% compared with the previous week.
The refinance index decreased 3% from the previous week and was 62% lower than the same week one year ago. The seasonally adjusted purchase index also saw a decrease, inching down 1% from one week earlier. The unadjusted purchase index, however, increased 9% compared with the previous week and was 11% lower than the same week one year ago.
“Mortgage rates vaulted higher last week, with the 30-year fixed rate at 7.12% — the highest level since May 2024. With fixed rates much higher, more borrowers opted for ARMs, with the ARM share reaching 9.8%, as rates for 5/1 ARMs were more than a percentage point lower than those for fixed rate loans,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a statement.
“Applications for both refinance and purchase loans declined further last week, noting that the comparison is to the week that included the Labor Day holiday.”
Fratantoni added that the pace of refinancing fell to its slowest pace since February 2025.
The refinance share of mortgage activity decreased to 39.3% of total applications, down from 39.4% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.8% of total applications.
The Federal Housing Administration (FHA) share of applications decreased to 16.7%, down from 16.9% the week prior. The U.S. Department of Veterans Affairs (VA) share decreased 40 basis points to 12%. And the U.S. Department of Agriculture (USDA) share increased to 0.6%, up 20 bps from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.12%, up from 6.97%, and rates for 30-year mortgages with jumbo loan balances (greater than $832,750) increased 12 bps to 7.15%.
The average rate for 30-year fixed mortgages backed by the FHA increased 16 bps to 6.78% and rates for 15-year fixed loans increased 13 bps to 6.43%. The only product category to see a decrease in rates was 5/1 ARMs, which dropped 13 bps to average 6.10%.
Xactus Mortgage Intent Index
Xactus’s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — posted a reading of 117.9, up from last week’s 100.4.
“The Xactus Mortgage Intent Index returned to its pre-Labor Day level of 117.9 this week, but mortgage intent remains muted in the current rate environment,” said Thomas Lloyd, Xactus’s chief strategy officer.
Compared with the same week last year, the index was approximately 17% lower.
This reflects a significant year-over-year decline.
The decline occurred against a period when mortgage intent was beginning to accelerate.
That acceleration was driven by interest rates moving lower.
