Mortgage Services

Mortgage applications jumped 9.2% last week, according to the Mortgage Bankers Association’s survey for the week ending September 5, 2025. The results included an adjustment for the Labor Day holiday. “Mortgage rates declined for the second consecutive week as Treasury yields moved lower on data indicating that the labor market is weakening. The 30-year fixed rate decreased to 6.49 percent, down 20 basis points over the past two weeks to the lowest since October 2024,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher. Purchase applications increased to the highest level since July and continued to run more than 20 percent ahead of last year’s pace. There was also a pickup in ARM applications, both in terms of level and share, as ARM rates were considerably lower than fixed rate loans, which typically benefits homebuyers.” The Refinance Index rose 12% from the previous week and is 34% higher than the same week a year ago. The Purchase Index increased 7% on a seasonally adjusted basis and is now 23% higher than last year’s level. The refinance share of total mortgage applications increased to 48.8%. ARM share rose to 9.2%. FHA share decreased to 18.5%, while VA share climbed to 15.3%. Mortgage Rate Summary: 30yr Fixed: 6.49% (from 6.64%) | Points: 0.56 (from 0.59) 15yr Fixed: 5.70% (from 5.84%) | Points: 0.55 (from 0.84) Jumbo 30yr: 6.44% (from 6.58%) | Points: 0.48 (from 0.39) FHA: 6.27% (from 6.31%) | Points: 0.68 (from 0.74) 5/1 ARM: 5.77% (from 5.90%) | Points: 0.63 (from 0.34)

Mortgage applications decreased modestly last week, with overall volume slipping 1.2%. The Mortgage Bankers Association’s weekly survey showed a decline in the seasonally adjusted Composite Index for the week ending August 29, 2025. “Mortgage rates declined last week, with the 30-year fixed rate falling to its lowest level since April at 6.64 percent. However, that was not enough to spark more application activity,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance applications saw a small increase, driven by FHA and VA refinances, but conventional refinances declined. Purchase activity pulled back, after a four-week run of increases, as slower homebuying activity led to declines in applications across loan types.” The Refinance Index rose 1% from the previous week and is 20% higher than the same week a year ago. The Purchase Index decreased 3% on a seasonally adjusted basis but remains 17% above last year’s level. The refinance share of total mortgage applications increased to 46.9%. ARM share rose to 8.8%. FHA share moved up to 19.9%, while VA share climbed to 13.8%. Mortgage Rate Summary: 30yr Fixed: 6.64% (from 6.69%) | Points: 0.59 (from 0.60) 15yr Fixed: 5.84% (from 6.03%) | Points: 0.84 (from 0.77) Jumbo 30yr: 6.58% (from 6.67%) | Points: 0.39 (from 0.44) FHA: 6.31% (from 6.35%) | Points: 0.74 (from 0.80) 5/1 ARM: 5.90% (from 5.94%) | Points: 0.34 (from 0.68)

Both the FHFA and the S&P CoreLogic Case-Shiller indices published updated home-price data this week. The takeaway remains the same: prices are rising year-over-year, but at an increasingly slow rate. Case Shiller--the more volatile index--is at the lowest pace in more than 2 years while the broader FHFA index is the lowest since 2012 in year-over-year terms.   FHFA House Price Index (seasonally adjusted, MoM) June: −0.2%; May was revised to −0.1% from unchanged YoY: +2.9% from June 2024 to June 2025 All nine census divisions remained positive YoY, with gains ranging from +0.7% in the Mountain division to +6.7% in the Middle Atlantic. Case-Shiller National Index (unadjusted) YoY: +1.9% in June, down from +2.3% in May MoM (non seasonally adjusted): +0.4% MoM (seasonally adjusted): −0.3% The 20-City Composite posted a −0.3% MoM decline (SA) and a +2.1% YoY gain. The 10-City Composite was slightly firmer at −0.1% MoM and +2.6% YoY. Seasonally Adjusted Comparison: Index MoM (SA) YoY FHFA HPI −0.2% +2.9% Case-Shiller −0.3% +1.9% Non-seasonally adjusted Case-Shiller readings still show the usual spring/summer uptick, but once adjusted for seasonality the underlying trend is negative. FHFA data also points to weakening, with its second consecutive month of declines.