Mortgage Applications Increase in Latest Weekly Survey

by Calculated Risk on 8/06/2025 07:00:00 AM

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

Mortgage applications increased 3.1 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending August 1, 2025.

The Market Composite Index, a measure of mortgage loan application volume, increased 3.1 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3
percent compared with the previous week. The Refinance Index increased 5 percent from the previous
week and was 18 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index increased 2 percent from one week earlier. The unadjusted Purchase Index increased 1 percent
compared with the previous week and was 18 percent higher than the same week one year ago.

“Mortgage rates moved lower last week, following declining Treasury yields as economic data releases
signaled a weakening U.S. economy. As a result, the 30-year fixed rate decreased for the third straight
week to 6.77 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Borrowers
sought to take advantage of these lower rates, as both purchase and refinance applications increased
over the week. Purchase activity continued to lead 2024’s pace, as increasing for-sale inventory of homes
has been supporting homebuying, but on the other hand recent weakness in the economic environment
has deterred some prospective homebuyers.”

Added Kan, “Refinance applications increased to their strongest pace in four weeks after being on a
downward trend the prior three weeks. The refinance share increased to almost 42 percent, its highest
level since April.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) decreased to 6.77 percent from 6.83 percent, with points decreasing to 0.59 from 0.60
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added