Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 0.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Aug. 22, 2025.
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.5% 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 4% from the previous week and was 19% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index decreased 0.1% compared with the previous week and was 25% higher than the same week one year ago.
“Mortgage rates inched higher for the second straight week, with the 30-year fixed-rate up to 6.69%. While this was not a significant increase, it was enough to cause a pullback in refinance applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications had their strongest week in over a month, up 2% , and the average loan size increased to its highest level in two months at $433,400. Prospective buyers appear to be less sensitive to rates at these levels and are more active, bolstered by more inventory and cooling home-price growth in many parts of the country.”
The refinance share of mortgage activity decreased to 45.3% of total applications from 46.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.4% of total applications.
The FHA share of total applications remained unchanged at 19.1% from the week prior. The VA share of total applications decreased to 13.3% from 13.4% the week prior. The USDA share of total applications decreased to 0.5% from 0.6% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.69% from 6.68%, with points remaining unchanged at 0.60 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate remained unchanged
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) increased to 6.67% from 6.64%, with points decreasing to 0.44 from 0.60 (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 6.35% from 6.39%, with points increasing to 0.80 from 0.66 (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 6.03% from 5.96%, with points increasing to 0.77 from 0.70 (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 5.94% from 6.01%, with points increasing to 0.68 from 0.63 (including the origination fee) for 80% LTV loans. The effective rate decreased 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.
