US MBA mortgage applications w.e. 12 September +29.7% vs +9.2% prior

US MBA mortgage applications w.e. 12 September +29.7% vs +9.2% prior

• Latest data from the Mortgage Bankers Association for the week ending 12 September 2025

• Market index 386.1 vs 297.7 prior
• Purchase index 174.0 vs 169.1 prior
• Refinance index 1596.7 vs 1012.4 prior
• 30-year mortgage rate 6.39% vs 6.49% prior

This is never a market moving release. Mortgage applications are generally inversely correlated to mortgage rates.

Having said that, this should be a little bit concerning for the Fed given that a slight fall in mortgage rates is leading to such a strong surge in demand.

After years of elevated mortgage rates and low demand for mortgages, there could be some type of FOMO for lower rates.