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Mortgage Applications Plummet 9.7% Despite Lowest Rates Since 2024

1/7/2026

34 5 Full Breakdown

Summary

Story summary

Mortgage application activity declined at the start of 2026, according to the Mortgage Bankers Association (MBA).
For the week ending January 2, 2026, total mortgage application volume fell 9.7% from two weeks earlier.
The average rate on 30-year fixed-rate mortgages declined to 6.25%, the lowest since September 2024, according to Joel Kan, MBA economist.
Refinance applications dropped 14%.
FHA share rose to 20% and the VA share rose to 17.3%.

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Story summary

Mortgage application activity declined at the start of 2026, according to the Mortgage Bankers Association (MBA).
For the week ending January 2, 2026, total mortgage application volume fell 9.7% from two weeks earlier.
The average rate on 30-year fixed-rate mortgages declined to 6.25%, the lowest since September 2024, according to Joel Kan, MBA economist.
Refinance applications dropped 14%.
FHA share rose to 20% and the VA share rose to 17.3%.