Mortgage Applications Increase in Latest MBA Weekly Survey

by Calculated Risk on 6/25/2025 07:00:00 AM

From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 1.1 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending June 20, 2025. This week’s results include an adjustment for the
Juneteenth holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.1 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10
percent compared with the previous week. The Refinance Index increased 3 percent from the previous
week and was 29 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index decreased 0.4 percent from one week earlier. The unadjusted Purchase Index decreased 11
percent compared with the previous week and was 12 percent higher than the same week one year ago.

“The combination of the ongoing conflict in the Middle East, current economic conditions, and last week’s
FOMC meeting resulted in slightly lower Treasury rates on average. However, mortgage rates still edged
higher but remained in the same narrow range, with the 30-year fixed rate increasing to 6.88 percent last
week,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Applications increased
slightly overall driven by FHA refinances, but conventional applications saw declines over the week. The
average loan size for purchase applications declined to $436,300, the lowest level since January 2025,
driven by decreasing conventional purchase loan sizes.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) increased to 6.88 percent from 6.84 percent, with points decreasing to 0.63 from 0.66
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added