Mortgage applications jumped 14.1% for the week ending January 16, 2026, according to the MBA, driven mainly by a surge in refinancing as interest rates moved lower.
The Refinance Index rose 20% from the prior week and was 183% higher than a year ago, marking the strongest refinance activity since September 2025.
Purchase applications increased modestly, with the seasonally adjusted Purchase Index up 5% week-over-week and 18% higher than last year, helped by an 8% rise in conventional loan demand.
Refinance activity made up 61.9% of total applications, while ARM share increased to 7.1%.
Overall, the spike in applications suggests buyers and homeowners are quick to respond when even small rate drops create new opportunities.
Source : mba.org