Mortgage Applications Increase in Latest MBA Weekly Survey

by Calculated Risk on 7/09/2025 07:00:00 AM

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

Mortgage applications increased 9.4 percent from one week
earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications
Survey for the week ending July 4, 2025. Last week’s results included an adjustment for the July 4th
holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 9.4 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13
percent compared with the previous week. The Refinance Index increased 9 percent from the previous
week and was 56 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index increased 9 percent from one week earlier. The unadjusted Purchase Index decreased 13 percent
compared with the previous week and was 25 percent higher than the same week one year ago.

“Mortgage rates moved lower last week, with the 30-year fixed rate decreasing to 6.77 percent, its lowest
level in three months. After adjusting for the July 4th holiday, purchase applications increased to the
highest level of activity since February 2023 and remained above year-ago levels,” said Joel Kan, MBA’s
Vice President and Deputy Chief Economist. “Homebuyer demand is being fueled by increasing housing
inventory and moderating home-price growth. The average loan size on a purchase application, at
$432,600, was at its lowest since January 2025. The refinance index also increased over the week, with
VA refinances in particular up 32 percent.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) decreased to 6.77 percent from 6.79 percent, with points holding steady at 0.62
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added