Mortgage Applications Increase in Latest MBA Weekly Survey

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Mortgage applications increased 4.8% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Dec. 5, 2025. Last week’s results included an adjustment for the Thanksgiving holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 49% compared with the previous week. The Refinance Index increased 14% from the previous week and was 88% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index increased 32% compared with the previous week and was 19% higher than the same week one year ago.

“Compared to the prior week’s data, which included an adjustment for the Thanksgiving holiday, mortgage application activity increased last week, driven by an uptick in refinance applications,” said Joel Kan, MBA vice president and deputy chief economist. “Conventional refinance applications were up almost 8% and government refinances were up 24% as the FHA rate dipped to its lowest level since September 2024. Conventional purchase applications were down for the week, but there was a 5% increase in FHA purchase applications as prospective homebuyers continue to seek lower down payment loans. Overall purchase applications continued to run ahead of 2024’s pace as broader housing inventory and affordability conditions improve gradually.”

The refinance share of mortgage activity increased to 58.2% of total applications from 53% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7% of total applications.

The FHA share of total applications increased to 20.2% from 18.3% the week prior. The VA share of total applications increased to 16.4% from 15% the week prior. The USDA share of total applications remained unchanged at 0.3% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.33% from 6.32%, with points increasing to 0.60 from 0.58 (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 $806,500) increased to 6.46% from 6.4%, with points decreasing to 0.35 from 0.40 (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 6.08% from 6.12%, with points decreasing to 0.72 from 0.73 (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 5.71% from 5.73%, with points remaining unchanged at 0.64 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs increased to 5.51% from 5.4%, with points increasing to 0.78 from 0.23 (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, 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.