Mortgage Applications Decrease in Latest MBA Weekly Survey

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Mortgage applications decreased 2.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 10, 2026. Last week’s results included an adjustment for the Fourth of July holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 8% compared with the previous week. The Refinance Index increased 4% from the previous week and was 7% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 7% from one week earlier. The unadjusted Purchase Index increased 3% compared with the previous week and was 2% lower than the same week one year ago.

“Mortgage applications declined as the 30-year fixed rate increased to 6.65% , the highest level since August 2025. Purchase applications were down over the week and dipped below last year’s pace in the week following the July 4th holiday,” said Joel Kan, CMB, MBA’s Vice President and Deputy Chief Economist. “Despite higher mortgage rates, refinance applications increased, led by FHA and VA refinance applications rising 9 and 10%, respectively.”

The refinance share of mortgage activity increased to 43.2% of total applications from 40.6% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.1% of total applications.

The FHA share of total applications increased to 17.7% from 16.4% the week prior. The VA share of total applications increased to 13.6% from 13% 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 ($832,750 or less) increased to 6.65% from 6.58%, with points increasing to 0.67 from 0.64 (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 6.62% from 6.5%, with points increasing to 0.54 from 0.42 (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 6.33% from 6.28%, with points increasing to 0.81 from 0.79 (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 6.05% from 5.99%, with points increasing to 0.88 from 0.71 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.75% from 5.84%, with points decreasing to 0.93 from 0.94 (including the origination fee) for 8% 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 or contact mbaresearch@mba.org.

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.