Mortgage Services

Mortgage application activity surged last week as sharply lower mortgage rates boosted refinance demand and gave purchase applications a modest lift. The Mortgage Bankers Association’s weekly survey showed a 10.9% increase in the seasonally adjusted Composite Index for the week ending August 8, 2025. “Mortgage rates fell to their lowest level since January, leading to a solid rebound in application activity,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed rate declined to 6.67%, the third straight weekly drop, and that pulled refinance applications to their highest level since early 2023. Purchase activity also picked up, driven by gains in both conventional and government segments.” The Refinance Index jumped 23% week-over-week and is now roughly 55% higher than the same week a year ago.  The Purchase Index rose 1.4% from the prior week and is running about 18% ahead of last year’s pace. Mortgage Rate Summary: 30yr Fixed: 6.67% (from 6.77%) | Points: 0.64 (up from 0.59) 15yr Fixed: 5.93% (from 6.03%) | Points: 0.63 (down from 0.66) Jumbo 30yr: 6.70% (from 6.65%) | Points: 0.56 (down from 0.59) FHA: 6.40% (from 6.47%) | Points: 0.77 (down from 0.81) 5/1 ARM: 5.80% (from 6.06%) | Points: 0.67 (up from 0.49)

Mortgage application activity rebounded last week as falling rates boosted both purchase and refinance demand. The Mortgage Bankers Association’s weekly survey for the week ending August 1, 2025, showed a 3.1% increase in the seasonally adjusted Composite Index from the prior week. “Mortgage rates moved lower last week, following declining Treasury yields as economic data releases signaled a weakening U.S. economy,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “As a result, the 30-year fixed rate decreased for the third straight week to 6.77%, and applications for both purchase and refinance increased.” The Refinance Index rose 5% week-over-week and is 18% higher than the same week in 2024. The seasonally adjusted Purchase Index increased 2% (unadjusted up 1%) and is also 18% above year-ago levels. The refinance share of total mortgage applications increased to 41.5% from 40.7% the previous week.  It's now at its highest level since April. The adjustable-rate mortgage (ARM) share rose to 8.5%. FHA share edged down to 18.5% from 18.8%, while VA share increased to 13.3% from 12.2%. Mortgage Rate Summary: 30yr Fixed: 6.77% (from 6.83%) | Points: 0.59 (from 0.60) 15yr Fixed: 6.03% (from 6.12%) | Points: 0.66 (from 0.64) Jumbo 30yr: 6.65% (from 6.74%) | Points: 0.59 (from 0.51) FHA: 6.47% (from 6.56%) | Points: 0.81 (from 0.83) 5/1 ARM: 6.06% (from 6.22%) | Points: 0.49 (from 0.51)

Mortgage application activity fell last week, reversing prior momentum and highlighting continued softness in both purchase and refinance demand. The Mortgage Bankers Association’s weekly survey showed a 3.8% decline in the seasonally adjusted Composite Index for the week ending July 25, 2025. “Mortgage applications fell to their lowest level since May, with both purchase and refinance activity declining over the week,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30‑year fixed rate was little changed at 6.83%, but high enough to deter refinancing, pushing the refinance index lower for the third straight week. Purchase applications decreased by almost 6 percent, as conventional, FHA, and VA purchase loans declined despite slowing home‑price growth and rising inventory.” The Refinance Index dropped 1% week‑over‑week, though it remains about 30% above last year’s level. The Purchase Index posted a 6% weekly decrease, but still sits roughly 17% higher than the same week in 2024. Purchase applications declined across the board, while refinance activity also softened. The 30‑year fixed rate held steady at 6.83% after a slight drop from the week prior. Mortgage Rate Summary: 30yr Fixed: 6.83% (from 6.84%) | Points: 0.60 (down from 0.62) 15yr Fixed: 6.12% (down from 6.14%) | Points: 0.64 (down from 0.69) Jumbo 30yr: 6.74% (down from 6.75%) | Points: 0.51 (down from 0.70) FHA: 6.56% (up from 6.52%) | Points: 0.83 (up from 0.79) 5/1 ARM: 6.22% (up from 6.01%) | Points: 0.51 (up from 0.28)