Mortgage Services

Two months ago, existing home sales hit a five-month low. Last month’s report showed a minor rebound. This month’s update, released July 23, shows a return to weakness. Sales declined 2.7% in June to a seasonally adjusted annual rate of 3.93 million. That leaves activity just above the recent low and still 25% below long-term norms. Year-over-year, sales were unchanged nationally. As has been and continues to be the case, zooming out on the same chart results in an entirely different impression of the home resale market. Sales levels have hovered near 75% of pre-pandemic norms for three years now. “The record high median home price highlights how American homeowners’ wealth continues to grow—a benefit of homeownership,” said NAR Chief Economist Lawrence Yun. “High mortgage rates are causing home sales to remain stuck at cyclical lows.” Regional Breakdown (Sales and Prices, June 2025) Region Sales (annual rate) MoM Change Median Price YoY Change Northeast 460,000 -8.0% $543,300 +4.2% Midwest 950,000 -4.0% $337,600 +3.4% South 1.81 million -2.2% $374,500 +0.3% West 710,000 +1.4% $636,100 +1.0%

Mortgage application activity managed a modest increase last week despite slightly higher rates. The Mortgage Bankers Association’s (MBA) weekly survey showed a 0.8% rise in the seasonally adjusted Composite Index for the week ending July 18, 2025. “Mortgage rates moved higher last week, with the 30-year fixed rate edging up to 6.84 percent, the highest level in four weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications finished the week higher, driven by conventional purchase loans, and continue to run ahead of last year’s pace. After reaching $460,000 in March 2025, the average purchase loan amount has fallen to its lowest level since January, at $426,700.” Refinance applications declined 3% from the previous week but remain 22% higher than the same week last year. The refinance share of total applications dipped to 39.6% from 41.1%. Purchase applications rose 3% on a seasonally adjusted basis and are now 22% higher than last year. The unadjusted purchase index was up 4% week over week. The average 30-year fixed rate rose to 6.84%, the highest since mid-June, while rate movements across other loan types were mixed. Jumbo and FHA rates held steady, but points shifted in opposite directions. Mortgage Rate Summary: 30yr Fixed: 6.84% (+0.07) | Points: 0.62 (unch) 15yr Fixed: 6.14% (+0.10) | Points: 0.69 (+0.06) Jumbo 30yr: 6.75% (unch) | Points: 0.70 (+0.04) FHA: 6.52% (unch) | Points: 0.79 (−0.07) 5/1 ARM: 6.01% (unch) | Points: 0.28 (−0.17)

Mortgage application activity dropped sharply last week as rates moved higher, according to the Mortgage Bankers Association’s (MBA) latest survey. The Composite Index fell 10.0% on a seasonally adjusted basis for the week ending July 11, reversing much of the prior week’s gain. “Mortgage rates rose last week following higher Treasury yields, which weighed on both purchase and refinance demand,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance activity declined, and purchase applications fell to their lowest level since May.” Refinance applications fell 7% from the previous week but remain roughly 25% higher than the same week one year ago. Purchase applications declined 12% on a seasonally adjusted basis. The unadjusted index increased 11% week-over-week and is still about 13% higher than 2024 levels, reflecting a modest improvement in year-over-year comparisons despite recent volatility. The average 30-year fixed rate rose to 6.82%—up slightly from the prior week—while points held steady or edged lower depending on loan type. Mortgage Rate Summary: Loan Type Rate Change Points Change 30yr Fixed 6.82% +0.03 0.62 0.00 15yr Fixed 6.11% +0.05 0.66 −0.01 Jumbo 30yr 6.81% +0.03 0.39 −0.01 FHA 6.55% +0.02 0.74 −0.02 5/1 ARM 6.01% +0.02 0.58 −0.02