by Calculated Risk on 7/16/2025 07:00:00 AM
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 10.0 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending July 11, 2025. Last week’s results included an adjustment for
the Fourth of July holiday.The Market Composite Index, a measure of mortgage loan application volume, decreased 10.0 percent
on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 13
percent compared with the previous week. The Refinance Index decreased 7 percent from the previous
week and was 25 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index decreased 12 percent from one week earlier. The unadjusted Purchase Index increased 11 percent
compared with the previous week and was 13 percent higher than the same week one year ago.“Treasury yields finished higher last week on average despite an intra-week drop, driven partly by
renewed concerns of the impact of tariffs on the economy. As a result, mortgage rates rose after two
weeks of declines, which contributed to slower application activity,” said Joel Kan, MBA’s Vice President
and Deputy Chief Economist. “Jumbo rates were lower than conventional rates for the third straight week,
as some depositories may be positioning themselves for growth in balance sheet lending.”Added Kan, “Purchase applications remained sensitive to both the uncertain economic outlook and the
volatility in rates and declined to the slowest pace since May. Refinance applications also dipped because
of higher rates, with refinance applications falling, led by VA refinances partially reversing their previous
week’s gain, dropping 22 percent.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) increased to 6.82 percent from 6.77 percent, with points remaining unchanged at 0.62
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.
The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is up 13% year-over-year unadjusted.
Red is a four-week average (blue is weekly).
The refinance index decreased and remains very low.
