Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. (November 5, 2025) - Mortgage applications decreased 1.9 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 31, 2025.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week and was 151 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 26 percent higher than the same week one year ago.

"Mortgage rate movements were mixed last week as Treasury yields moved slightly higher following last week's FOMC meeting. The 30-year fixed rate was mostly unchanged at 6.31 percent and remained close to the lowest level in over a year," said Joel Kan, MBA's Vice President and Deputy Chief Economist. "Despite a decline last week, refinance applications are still significantly higher than a year ago. The average loan size for refinance applications was at its highest level in six weeks, as borrowers with larger loans continued to seek ways to lower their monthly payments. Purchase applications declined slightly from a week ago, however, there was a slight increase in FHA purchase applications as prospective homebuyers continue to seek loan options to help manage challenging affordability conditions."

The refinance share of mortgage activity decreased to 57.0 percent of total applications from 57.1 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7 percent of total applications.

The FHA share of total applications decreased to 18.5 percent from 20.5 percent the week prior. The VA share of total applications increased to 14.9 percent from 13.4 percent the week prior. The USDA share of total applications increased to 0.3 percent from 0.2 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31 percent from 6.30 percent, with points remaining unchanged at 0.58 (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 $806,500) increased to 6.43 percent from 6.38 percent, with points decreasing to 0.33 from 0.34 (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 6.13 percent from 6.12 percent, with points remaining unchanged at 0.73 (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 decreased to 5.65 percent from 5.67 percent, with points remaining unchanged at 0.61 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.56 percent from 5.66 percent, with points increasing to 0.86 from 0.51

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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.