Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. (July 15, 2026) - Mortgage applications decreased 2.7 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 10, 2026. Last week's results included an adjustment for the Fourth of July holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8 percent compared with the previous week. The Refinance Index increased 4 percent from the previous week and was 7 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 7 percent from one week earlier. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 2 percent lower than the same week one year ago.

"Mortgage applications declined as the 30-year fixed rate increased to 6.65 percent, the highest level since August 2025. Purchase applications were down over the week and dipped below last year's pace in the week following the July 4th holiday," said Joel Kan, MBA's Vice President and Deputy Chief Economist. "Despite higher mortgage rates, refinance applications increased, led by FHA and VA refinance applications rising 9 and 10 percent, respectively."

The refinance share of mortgage activity increased to 43.2 percent of total applications from 40.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.1 percent of total applications.

The FHA share of total applications increased to 17.7 percent from 16.4 percent the week prior. The VA share of total applications increased to 13.6 percent from 13.0 percent the week prior. The USDA share of total applications remained unchanged at 0.5 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 6.65 percent from 6.58 percent, with points increasing to 0.67 from 0.64 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 6.62 percent from 6.50 percent, with points increasing to 0.54 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.33 percent from 6.28 percent, with points increasing to 0.81 from 0.79 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 6.05 percent from 5.99 percent, with points increasing to 0.88 from 0.71 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.75 percent from 5.84 percent, with points decreasing to 0.93 from 0.94 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

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The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.