Mortgage Applications Decrease in Latest Weekly Survey

by Calculated Risk on 7/30/2025 07:00:00 AM

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 3.8 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending July 25, 2025.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.8 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4
percent compared with the previous week. The Refinance Index decreased 1 percent from the previous
week and was 30 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index decreased 6 percent from one week earlier. The unadjusted Purchase Index decreased 6 percent
compared with the previous week and was 17 percent higher than the same week one year ago.

“Mortgage applications fell to their lowest level since May, with both purchase and refinance activity
declining over the week. There is still plenty of uncertainty surrounding the economy and job market,
which is weighing on prospective homebuyers’ decisions,” said Joel Kan, MBA’s Vice President and
Deputy Chief Economist. “The 30-year fixed rate was little changed at 6.83 percent, but high enough that
there was not much interest in refinancing, pushing the refinance index lower for the third straight week.
Purchase applications decreased by almost 6 percent, as applications for conventional, FHA, and VA
purchase loans fell, despite slowing home-price growth and increasing levels of for-sale inventory in many
regions.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) decreased to 6.83 percent from 6.84 percent, with points decreasing to 0.60 from 0.62
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added