Quality Services.

February 06 2026

Mortgage application activity moved lower again last week, extending the pullback from January’s earlier burst of demand as weather disruptions and softening purchase activity weighed on overall volume. The Mortgage Bankers Association (MBA) reported that applications declined 8.9% for the week ending January 30. The Market Composite Index fell 8.9% on a seasonally adjusted basis, while rising 4% on an unadjusted basis, highlighting the continued volatility in weekly application data following a period of unusually strong activity earlier in the month. This week, purchase activity took center stage and drove much of the weakness. The seasonally adjusted Purchase Index dropped 14% from the prior week, while unadjusted purchase applications increased 2% but were only 4% higher than the same week one year ago—lowest levels since November 2025 and the weakest annual increase since April 2025. Joel Kan, MBA’s Vice President and Deputy Chief Economist, pointed to Winter Storm Fern as a key factor, noting that widespread snowfall likely hampered homebuying activity across large parts of the country. Refinance volume also declined, though by a smaller margin. The Refinance Index fell 5% from the previous week but remained 117% higher than a year earlier. Despite mortgage rates edging modestly lower, Kan noted that the change was not significant enough to materially boost refinance demand.

January 30 2026

Both the FHFA and the S&P/Cotality Case-Shiller home price indices released November data this week, and the combined message is that home price appreciation continues doing better than it had been in the middle of 2025. FHFA’s seasonally adjusted House Price Index paints clearest picture with seasonally adjusted home prices up 0.6% month-over-month in November and 1.9% year-over-year .  This is the 2nd month in a row with price appreciation at the highest levels in more than a year. Both data sets highlight regional differences. Monthly price changes ranged from flat in the Middle Atlantic to +1.1% in the East South Central division. Over the past year, prices declined 0.4% in the Pacific division but climbed as much as 5.1% in the East North Central region—broadly echoing Case-Shiller’s Midwest-versus-Sun-Belt divide. The Case-Shiller U.S. National Home Price Index posted a 1.4% year-over-year gain in November, unchanged from October. While this is one of the lowest readings of the past several years, it's also one of the first time the index moved higher from the previous month in more than a year.   On a month-to-month basis, the seasonally adjusted index rose 0.4% . The 20-City Composite posted a 1.4% annual gain , up slightly from 1.3% previously, and increased 0.5% month-over-month after seasonal adjustment.

January 30 2026

Mortgage application activity retreated a bit last week following two weeks of unusually strong volume, although holiday timing played a meaningful role in the weekly comparison. The Mortgage Bankers Association (MBA) reported that applications fell 8.5% for the week ending January 23, giving back a portion of the recent surge. The Market Composite Index declined 8.5% on a seasonally adjusted basis and was down 16% on an unadjusted basis, reflecting both the Martin Luther King Jr. Day holiday adjustment and a market that has shown wide week-to-week swings after extended periods of low activity. Refinance volume saw the largest pullback. The Refinance Index declined 16% from the prior week, though applications remained 156% higher than the same week one year ago. Even with the latest decline, refinance demand continues to run well above last year’s levels following January’s earlier burst of activity. Joel Kan, MBA’s Vice President and Deputy Chief Economist said, “With rates holding in the 6 percent range, the refinance market is likely to remain sensitive to week-to-week rate movements.” Purchase activity was comparatively steady. The seasonally adjusted Purchase Index dipped just 0.4% , while unadjusted purchase applications fell 4% on the week but remained 18% higher than the same period last year—continuing to suggest that buyer engagement has been more stable than refinance demand at the start of 2026.