Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Aug. 15, 2025.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4% 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 3% from the previous week and was 23% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 0.1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 23% higher than the same week one year ago.
“Mortgage rates increased slightly last week, with the 30-year fixed rate now at 6.68 percent. Applications were down as a result, driven by a 16 percent decrease in VA applications, which are a typically volatile segment of the market,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “FHA refinance applications increased over the week, as the FHA rate, at 6.39 percent, remained competitive relative to other loan types. Purchase applications were little changed over the week but were at the strongest pace in four weeks and continued to run well ahead of last year’s pace. Prospective homebuyers remain more active compared to last year despite economic headwinds and uncertainty and affordability challenges.”
The refinance share of mortgage activity decreased to 46.1% of total applications from 46.5% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.6% of total applications.
The FHA share of total applications increased to 19.1% from 18.4% the week prior. The VA share of total applications decreased to 13.4% from 14.2% the week prior. The USDA share of total applications increased to 0.6% from 0.5% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.68% from 6.67%, with points decreasing to 0.60 from 0.64 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate remained unchanged from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) decreased to 6.64% from 6.7%, with points increasing to 0.60 from 0.56 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.39% from 6.40%, with points decreasing to 0.66 from 0.77 (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 increased to 5.96% from 5.93%, with points increasing to 0.70 from 0.63 (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 6.01% from 5.80%, with points decreasing to 0.63 from 0.67 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
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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.
