Mortgage applications jump 11%, led by refinances

Mortgage applications increased 11.0% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending Feb. 27, 2026.

On an unadjusted basis, the index increased 12.1% compared with the previous week.

The refinance index increased 14.3% from the previous week and was 109% higher than the same week one year ago. The refinance share of mortgage activity increased to 59.8% of total applications from 58.6% the previous week.

The seasonally adjusted purchase index increased 6.1% from one week earlier. The unadjusted purchase index increased 8.9% compared with the previous week and was 10% higher than the same week one year ago.

“Mortgage applications increased last week, driven by continued strength in refinance activity, as mortgage rates stayed near their lowest level since 2022,” said Joel Kan, MBA’s vice president and deputy chief economist. “Refinance applications increased for the fourth straight week to the strongest pace since 2022, with conventional refinances up 20%. The increase in the average loan size for refinances indicates that more borrowers with larger loan sizes are seeking to lower their monthly payments.

“Purchase applications also moved higher, with the week’s pace almost 10% ahead of last year’s pace, as lower rates and growing levels of housing inventory continue to support homebuyer interest.”

The adjustable-rate mortgage (ARM) share of activity increased to 8.8% of total applications.

The Federal Housing Administration (FHA) share of total applications decreased to 15.8% from 16.1% the week prior. The U.S. Department of Veterans Affairs (VA) share of total applications decreased to 17.1% from 18.7% the week prior.

The U.S. Department of Agriculture (USDA) share of total applications remained unchanged at 0.4%.

The average contract interest rate for 30-year fixed-rate mortgages was unchanged from last week at 6.09%. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA was also unchanged from last week at 5.97%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances decreased to 6.16% from 6.20%.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.49% from 5.48%, and the average contract interest rate for 5/1 ARMs increased to 5.32% from 5.23%.

Xactus Mortgage Intent Index

Data from Xactus‘s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — saw a 9.17% week-over-week increase in activity.

“With mortgage rates falling to their lowest levels in years, weekly volume surged to its highest point of the year — approximately 6.4% above the same week in 2025 and 20% higher than the weather-muted levels seen four weeks ago during Winter Storm Fern,” said Thomas Lloyd, chief strategy officer for Xactus.

He continued, “On a monthly basis, the slow, weather-impacted start to the month fully rebounded alongside the rate move, finishing roughly 11% above January and 3.26% higher than February 2025.”