Mortgage Demand Rises 1.8%, Propelled By 5% Refinance Jump

Mortgage applications increased 1.8% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending April 10, 2026.

On an unadjusted basis, the index increased 2% compared with the previous week.

The refinance index increased 5% from the previous week and was 15% higher than the same week one year ago.

The seasonally adjusted purchase index, meanwhile, decreased 1% from one week earlier. The unadjusted purchase index was unchanged compared with the previous week and was 3% lower than the same week one year ago.

“Given the evolving situation in the Middle East and its impact on energy and commodity prices, mortgage rates declined last week. The 30-year fixed rate decreased to 6.42%, its lowest level in a month,” said Joel Kan, MBA’s vice president and deputy chief economist.

“This dip in rates helped to support an increase in conventional refinance applications, which had declined for five consecutive weeks. Purchase activity remained subdued as potential homebuyers remained hesitant given the current economic uncertainty, which kept purchase applications below last year’s level for the second consecutive week. Conventional purchase applications were essentially unchanged over the week, while FHA and VA purchase applications declined.”

The refinance share of mortgage activity increased to 45.5% of total applications from 44.3% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.4% of total applications.

By product, the Federal Housing Administration (FHA) share of total applications decreased to 18.2% from 19.3% the week prior, the U.S. Department of Veterans Affairs (VA) share of total applications decreased to 15.7% from 16.1% the week prior, and the U.S. Department of Agriculture (USDA) share of total applications remained unchanged at 0.5%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.42% from 6.51%, and rates for 30-year fixed-rate mortgages with jumbo loan balances decreased to 6.48% from 6.54%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.14% from 6.22% and rates for 15-year fixed-rate mortgages decreased to 5.85% from 5.90%. The average contract interest rate for 5/1 ARMs increased to 5.63% from 5.60%.

Xactus Mortgage Intent Index

Xactus‘s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — increased week over week by 1.52% to a reading of 140.4. That’s up from last week’s 138.3 reading.

“Intent volumes continue to show a high degree of sensitivity to the rate environment,” said Thomas Lloyd, chief strategy officer for Xactus. “The Xactus Mortgage Intent Index increased approximately 1.5% week over week as mortgage rates eased modestly, reflecting how quickly borrower activity responds to even small rate movements.

Lloyd said that even though rates are below levels from a year ago, intent is still down “roughly 5.5% compared to the same week last year — marking the fourth consecutive week of year-over-year declines.”

He continued, “In the near term, overall market dynamics will remain closely tied to mortgage interest rate movements.”