Mortgage Applications Decrease in Latest MBA Weekly Survey
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Mortgage applications decreased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 28, 2025. This week’s results include an adjustment for the Thanksgiving holiday.
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 33% compared with the previous week. The Refinance Index decreased 4% from the previous week and was 109% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index decreased 32% compared with the previous week and was 17% higher than the same week one year ago.
“Mortgage rates moved lower in line with Treasury yields, which declined on data showing a weaker labor market and declining consumer confidence. The 30-year fixed mortgage rate declined to 6.32% after steadily increasing over the past month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “After adjusting for the impact of the Thanksgiving holiday, refinance activity decreased across both conventional and government loans, as borrowers held out for lower rates. Purchase applications were up slightly, but we continue to see mixed results each week as the broader economic outlook remains cloudy, even as cooling home-price growth and increasing for-sale inventory bring some buyers back into the market.”
The refinance share of mortgage activity decreased to 53% of total applications from 53.4% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8% of total applications.
The FHA share of total applications decreased to 18.3% from 18.8% the week prior. The VA share of total applications decreased to 15% from 15.4% the week prior. The USDA share of total applications decreased to 0.3% from 0.4% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) decreased to 6.32% from 6.4%, with points decreasing to 0.58 from 0.60 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) decreased to 6.4% from 6.49%, with points decreasing to 0.40 from 0.55 (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 6.12% from 6.15%, with points decreasing to 0.73 from 0.79 (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 5.73% from 5.8%, with points decreasing to 0.64 from 0.72 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
The average contract interest rate for 5/1 ARMs decreased to 5.4% from 5.44%, with points decreasing to 0.23 from 0.54 (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.
