US MBA Mortgage Market Index (Sep/25) 213.6 (Prev. 227.3)

The distinction that matters is between the purchase and refinance components: the refi sub-index is highly rate-elastic and swings sharply with small moves in mortgage rates, while the purchase index is the cleaner read on underlying housing demand and carries more weight with the rates and housing-adjacent complex. Moves in this series have historically repriced little beyond the very front of the rate complex unless they confirm a trend already visible in the rates market itself. The follow-ons are the weekly pattern over subsequent prints and how the level of mortgage rates, the actual driver here, has moved over the same window. As a standalone weekly print, the signal is limited.