MBA US Mortgage Applications Decline Further in Week Ended Sept. 18 as Mortgage Rates Hit 2-1/2 Year High

07:02 AM EDT, 09/23/2026 (MT Newswires) -- Mortgage applications fell by 1.5% in the week ended Sept. 18 as a further increase in mortgage rates depressed both refinancing activity and new home applications, Mortgage Bankers Association data released Wednesday showed. This follows a 4.1% decrease in overall activity in the week ended Sept. 11, after an adjustment for the Labor Day holiday. Applications for refinancing loans fell by 3%, while new purchase applications declined by a seasonally adjusted 1%. The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less rose to 7.12% from 6.97% the previous week, its highest level since May 2024. "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," said Mike Fratantoni, MBA's senior vice president and chief economist. "With this week's decline, the pace of refinancing fell to its slowest pace since February." Fratantoni also noted that the elevated fixed rates prompted buyers to shift toward adjustable-rate mortgages, which offered rates that were more than one percentage point lower in some cases.