Mortgage Applications Decrease in Latest MBA Weekly Survey

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Mortgage applications decreased 1% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Aug. 21, 2026. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week. The Refinance Index decreased 2% from the previous week and was 17% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 0.3% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 5% lower than the same week one year ago.

“Mortgage rates reached their highest level in three weeks, with the 30-year fixed rate up slightly to 6.78%. Mortgage rates have increased around 20 basis points over the past two months, which has dampened refinancing activity,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “Refinance applications decreased, particularly for FHA and VA loans, and the average loan size for refinances was at its lowest since June 2025.”

Added Kan, “Similarly, purchase activity was down over the week, driven by a 7% decrease in FHA applications. The purchase market has also slowed these past two months, with applications now 5% behind last year’s pace.”

The refinance share of mortgage activity increased to 42% of total applications from 41.9% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.9% of total applications.

The FHA share of total applications decreased to 16.2% from 17.1% the week prior. The VA share of total applications increased to 12.8% from 12.6% 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 6.78% from 6.77%, with points increasing to 0.66 from 0.65 (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 6.73% from 6.71%, with points increasing to 0.50 from 0.48 (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 6.46% from 6.45%, with points remaining unchanged at 0.82 (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 6.1% from 6.08%, with points increasing to 0.90 from 0.82 (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 5.94%, with points increasing to 0.88 from 0.87 (including the origination fee) for 80% LTV loans. The effective rate increased 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.