Overview
- Seasonally adjusted purchase applications fell 14% for the week ending Jan. 30, an MBA report that included an MLK holiday adjustment shows.
- MBA’s Joel Kan said the storm likely kept would-be buyers at home, and the annual gain in purchase applications was the weakest since April 2025.
- Refinance applications declined 5% week over week but were 117% higher than the same week a year earlier, with refis rising to 57.1% of activity.
- The average contract rate for 30-year fixed conforming loans edged down to 6.21% from 6.24%, a move described as too small to boost refi incentives.
- Xactus’ Mortgage Intent Index signaled softer borrower interest, down 3.76% week over week nationally, with steeper drops in storm-hit regions and gains in the Far West and Rocky Mountain areas.