Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 0.8% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 18, 2025.
The Market Composite Index, a measure of mortgage loan application volume, increased 0.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week. The Refinance Index decreased 3% from the previous week and was 22% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 4% compared with the previous week and was 22% higher than the same week one year ago.
“The 30-year fixed mortgage rate edged higher last week to its highest level in four weeks at 6.84%, while rates for other loan types were mixed. Purchase applications finished the week higher, driven by conventional purchase loans, and continue to run ahead of last year’s pace,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “After reaching $460,000 in March 2025, the purchase loan amount has fallen to its lowest level since January 2025 to $426,700. With the 30-year fixed rate still too high to benefit many borrowers, refinance applications were down almost 3% for the week.”
The refinance share of mortgage activity decreased to 39.6% of total applications from 41.1% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.2% of total applications.
The FHA share of total applications decreased to 18.7% from 19% the week prior. The VA share of total applications remained unchanged at 12.6% from 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 6.84% from 6.82%, with points remaining unchanged at 0.62 (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) remained unchanged at 6.75%, with points increasing to 0.70 from 0.66 (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 remained unchanged at 6.52%, with points decreasing to 0.79 from 0.86 (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 6.14% from 6.16%, with points increasing to 0.69 from 0.63 (including the origination fee) for 80% LTV loans. The effective rate remained unchanged from last week.
The average contract interest rate for 5/1 ARMs decreased to 6.01% from 6.08%, with points decreasing to 0.28 from 0.45 (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.
