Mortgage Applications Decrease In Latest MBA Weekly Survey / Fresh Today / CUToday.info

WASHINGTON— Mortgage applications decreased 6.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 24.

The Market Composite Index, a measure of mortgage loan application volume, decreased 6.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6% compared with the previous week. The Refinance Index decreased 10% from the previous week and was 2% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 3% higher than the same week one year ago

“Following last week’s spike in oil prices, mortgage rates moved higher, with the 30-year fixed rate increasing to 6.76%, the highest rate since August 2025,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “This upward trajectory in rates continues to significantly impact refinance borrowers, with a 10% decline in refinance applications, including a steeper drop in government refinances. Despite housing inventory increasing in certain markets, higher rates have added to ongoing affordability challenges for many homebuyers, which drove the decrease in purchase activity over the week.”

The refinance share of mortgage activity decreased to 39.5% of total applications from 41.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.1% of total applications.

FHA Share

The FHA share of total applications decreased to 16.9% from 17.0% the week prior. The VA share of total applications decreased to 12.6% from 13.2% the week prior. The USDA share of total applications decreased to 0.4% from 0.5% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 6.76% from 6.69%, with points increasing to 0.69 from 0.62 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 6.70% from 6.44%, with points increasing to 0.52 from 0.45 (including the origination fee) for 80% LTV loans. The effective rate increased from last week. 

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.41% from 6.34%, with points increasing to 0.88 from 0.74 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.15% from 6.04%, with points decreasing to 0.84 from 0.87 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 5.98% from 5.97%, with points increasing to 1.23 from 1.11 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.