US mortgage applications up by 14.1%
Mortgage applications in the United States observed a weekly surge of 14.1% in the week ending January 16, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday showed, Azernews reports.
The report showed that the average contract interest rate for 30-year fixed-rate mortgages slipped slightly to 6.16% from 6.18% a week prior. The seasonally adjusted Purchase Index added 5% compared to the week before to 194.1, while the Refinance Index rose 20% from the previous week.
"Mortgage rates declined further last week, driving another big week for refinance applications, which saw the strongest level of activity since September 2025," MBA's Vice President and Deputy Chief Economist Joel Kan commented. "These lower rates prompted greater refinance activity from conventional and VA refinance borrowers, with increases of 29 percent and 26 percent, respectively. Refinance applications accounted for more than 60 percent of applications, and the average loan size also moved higher."
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