Mortgage Applications Increase in Latest Weekly Survey

by Calculated Risk on 7/23/2025 07:00:00 AM

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

Mortgage applications increased 0.8 percent from one week
earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications
Survey for the week ending July 18, 2025.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.8 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1
percent compared with the previous week. The Refinance Index decreased 3 percent from the previous
week and was 22 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 4 percent
compared with the previous week and was 22 percent 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 percent,
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 three percent for the week.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) increased to 6.84 percent from 6.82 percent, with points remaining unchanged at 0.62
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added