According to the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending September 25, 2026 (released September 30, 2026).
What the numbers say
The average contract interest rate on 30-year fixed conforming loans (balances of $832,750 or less) rose to 7.30% from 7.12% the prior week, with points at 0.75 (including the origination fee) for loans with about 20% down, per the MBA.
That was the sixth consecutive weekly increase and the highest such print since November 2023, according to MBA Vice President and Deputy Chief Economist Joel Kan.
The 15-year fixed contract rate rose to 6.56% from 6.43%. The 5/1 ARM averaged 6.47%, up from 6.10%.
Total mortgage applications fell 6.0% week over week on a seasonally adjusted basis. Purchase applications declined 4% (seasonally adjusted) and were 14% lower than a year ago on an unadjusted basis. Refinance applications dropped 9% for the week and were 56% below the same week last year.
Key points to know
- MBA’s 7.30% figure is a contract rate from applications lenders received — different from Freddie Mac’s survey average, which was still 7.03% as of September 24.
- Purchase and refinance applications both fell to their slowest weekly pace since 2025, Kan said, as rates surged.
- As fixed rates climbed, the share of adjustable-rate mortgage applications rose to 10.3% — the highest since October 2025. MBA said ARM rates were about 80 basis points lower than fixed rates; ARMs can reset later, so they are a different product with different risks.
- Your quoted rate depends on credit, down payment, loan size, property type, and the day’s pricing — the national average is a benchmark, not your personal offer.
Why it matters if you are buying or already own
For buyers in California and Oregon, a mid-7% 30-year print means qualifying ratios and monthly payments move against you quickly. On an illustrative $500,000 loan amount (principal and interest only, 30-year fixed, no taxes/insurance/HOA), roughly:
- At 7.12%: about $3,367 per month
- At 7.30%: about $3,428 per month
That is roughly $61 more per month — or about $730 per year — from one weekly move alone. On an $800,000 loan, the same week-to-week bump is about $98 more per month.
If you already own and are locked, this week’s application data does not change your payment. If you are shopping or rate-shopping before locking, compare written Loan Estimates the same day.
Important limits
- MBA rates and indexes are national application averages — not California- or Oregon-only quotes, and not a guarantee of what any lender will offer you.
- Illustrative payments above are principal and interest only. Property taxes, insurance, HOA dues, and mortgage insurance (if any) are extra.
- This is market data, not advice to buy, wait, refinance, choose an ARM, or lock. Your credit, down payment, loan program, and property type all matter.
Bottom line: MBA data for the week ending September 25 put the conforming 30-year contract rate at 7.30% — the highest since November 2023 — while purchase applications fell another 4%. Shoppers should budget for a higher payment than last week’s Freddie Mac print and get current quotes before deciding, especially in higher-price California metros where every rate tick shows up in the monthly number.
Source: Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending September 25, 2026 (released September 30, 2026).