Mortgage application activity slowed during the week ending April 3, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, dipped by 0.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased by 1%.
Both the seasonally adjusted and the unadjusted Purchase Index increased 1% from one week earlier, with the latter coming in 7% lower than the same week one year ago. The Refinance Index was down by 3% from the previous week and was 4% lower than the same week one year ago, while the refinance share of mortgage activity decreased to 44.3% of total applications from 45.3% in the previous week.
Among the federal programs, the FHA share of total applications decreased to 19.3% from 19.5% the week prior while the VA share and USDA share of total applications remained unchanged at 16.1% and 0.5%, respectively.
Joel Kan, MBA’s vice president and deputy chief economist, observed, “The pace of refinance applications was at its lowest level since December 2025. Overall purchase activity has also been adversely impacted by current conditions – purchase applications were 7% lower on a year-over-year basis, the first annual decline since January 2025.”
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