Mortgage Applications Decrease in Latest MBA Weekly Survey
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Mortgage applications decreased 5.2% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Nov. 14, 2025.
The Market Composite Index, a measure of mortgage loan application volume, decreased 5.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7% compared with the previous week. The Refinance Index decreased 7% from the previous week and was 125% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 7% compared with the previous week and was 26% higher than the same week one year ago.
“Mortgage rates increased for the third consecutive week, with the 30-year fixed rate inching higher to its highest level in four weeks at 6.37%,” said Joel Kan, MBA’s vice president and deputy chief economist. “Application activity over the week was lower, with potential homebuyers moving to the sidelines again, although there was a small increase in FHA purchase applications. Refinance applications decreased as borrowers remain sensitive to even small increases in rates at this level. The overall average loan size across both purchase and refinance applications dipped to its lowest level since August of this year, driven by another drop in the ARM share.”
The refinance share of mortgage activity decreased to 55.4% of total applications from 55.6% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.5% of total applications.
The FHA share of total applications increased to 19.9% from 19.4% the week prior. The VA share of total applications increased to 15.2% from 14.8% the week prior. The USDA share of total applications increased to 0.3% from 0.2% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.37% from 6.34%, 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) decreased to 6.39% from 6.46%, with points increasing to 0.42 from 0.38 (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 remained unchanged at 6.14%, with points increasing to 0.84 from 0.76 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.83% from 5.7%, with points increasing to 0.69 from 0.64 (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 5.65% from 5.50%, with points decreasing to 0.81 from 0.85 (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.
