Mortgage Services

Mortgage application activity bounced higher last week following a drop in rates to the lowest levels in 3 months. The Mortgage Bankers Association’s (MBA) weekly survey showed a 9.4% increase in the seasonally adjusted Composite Index for the week ending July 4, 2025. The results included an adjustment for the July 4th holiday. “Mortgage rates moved lower last week, with the 30-year fixed rate decreasing to 6.77 percent, its lowest level in three months,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “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. Homebuyer demand is being fueled by increasing housing inventory and moderating home-price growth.” Refinance applications were up 9% from the previous week and are now 56% higher than the same week last year, with VA refinances jumping 32%. Purchase applications rose 9% on a seasonally adjusted basis and are now 25% higher than last year. The average loan size for purchase apps dropped to $432,600, the lowest since January. The average 30-year fixed rate fell to 6.77% while most point levels shifted only modestly. Jumbo rates posted a larger drop, but points increased more noticeably. Mortgage Rate Summary: 30yr Fixed: 6.77% (−0.02) | Points: 0.62 (unch) 15yr Fixed: 6.04% (−0.02) | Points: 0.63 (−0.04) Jumbo 30yr: 6.69% (−0.09) | Points: 0.65 (+0.25) FHA: 6.51% (−0.02) | Points: 0.80 (+0.04) 5/1 ARM: 6.01% (+0.02) | Points: 0.73 (+0.13)

Mortgage application activity moved higher last week as rates declined to the lowest levels since April, according to the Mortgage Bankers Association’s (MBA) latest survey. The Composite Index rose 2.7% on a seasonally adjusted basis for the week ending June 27. Results were not adjusted for holidays this time around, but the previous week had included a Juneteenth adjustment. “Mortgage rates were lower across all loan types last week, with the 30-year fixed rate declining to its lowest level since April at 6.79 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “This decline prompted an increase in refinance applications, driven by a 10 percent increase in conventional applications and a 22 percent increase in VA refinance applications.” Refinance applications rose 7% from the prior week and are now 40% higher than the same week last year. Purchase applications were flat, rising just 0.1% on a seasonally adjusted basis. However, the unadjusted index rose 10% week-over-week and remains 16% higher than 2024 levels, continuing a trend of modest year-over-year gains despite short-term stagnation. The average 30-year fixed rate declined to 6.79%—the lowest since April—while points moved slightly lower across most loan types. Mortgage Rate Summary: Loan Type Rate Change Points Change 30yr Fixed 6.79% −0.09 0.62 −0.01 15yr Fixed 6.06% −0.05 0.67 −0.07 Jumbo 30yr 6.78% −0.10 0.40 −0.20 FHA 6.53% −0.06 0.76 −0.09 5/1 ARM 5.99% −0.17 0.60 +0.06

The National Association of Realtors' Pending Home Sales Index (PHSI)—which tracks contract signings on existing homes—has remained rangebound for more than two years, constrained by affordability pressures and elevated mortgage rates. This week’s update showed a modest improvement, but the broader story hasn’t changed. Pending home sales rose by 1.8% in May, marking the first increase since February. The index is now 1.1% higher than a year ago , but still well below pre-2022 norms. Zooming out, contract activity remains stuck in a narrow band. The index hasn’t been above 80 since the summer of 2022 and continues to reflect a sluggish, rate-constrained housing market. “Consistent job gains and rising wages are modestly helping the housing market,” said NAR Chief Economist Lawrence Yun. “Hourly wages are increasing faster than home prices. However, mortgage rate fluctuations are the primary driver of homebuying decisions and impact housing affordability more than wage gains.” Here’s how the month-over-month change broke down by region: Northeast: +2.1% Midwest: +0.3% South: +1.0% West: +6.0%