Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 10.9% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Aug. 8, 2025.
The Market Composite Index, a measure of mortgage loan application volume, increased 10.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 10% compared with the previous week. The Refinance Index increased 23% from the previous week and was 8% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index increased 1% compared with the previous week and was 17% higher than the same week one year ago.
“The 30-year fixed mortgage rate declined to 6.67% last week, which spurred the strongest week for refinance activity since April. Borrowers responded favorably, as refinance applications increased 23%, driven mostly by conventional and VA applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinances accounted for 46.5% of applications and as seen in other recent refinance bursts, the average loan size grew significantly to $366,400. Borrowers with larger loan sizes continue to be more sensitive to rate movements.”
Added Kan, “Given the relative attractiveness of ARM rates compared to fixed rate loans, ARM
applications increased 25% to their highest level since 2022, and the ARM share of all applications
was almost 10%. However, lower rates were not enough to entice more homebuyers back into the
market, as purchase applications were only up around 1% over the week, although still stronger
than last year’s pace.”
The refinance share of mortgage activity increased to 46.5% of total applications from 41.5% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.6% of total applications.
The FHA share of total applications decreased to 18.4% from 18.5% the week prior. The VA share of total applications increased to 14.2% from 13.3% the week prior. The USDA share of total applications remained unchanged at 0.5% from the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.67% from 6.77%, with points increasing to 0.64 from 0.59 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) increased to 6.70% from 6.65%, with points decreasing to 0.56 from 0.59 (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 decreased to 6.40% from 6.47%, with points decreasing to 0.77 from 0.81 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.93% from 6.03%, with points decreasing to 0.63 from 0.66 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 5.8% from 6.06%, with points increasing to 0.67 from 0.49 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mba.org/WeeklyApps, contact mbaresearch@mba.org or click here.
The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.
