Mortgage application activity was essentially unchanged last week, as a modest increase in purchase demand offset a slight decline in refinancing. The Mortgage Bankers Association (MBA) reported a 0.04% increase in total application volume on a seasonally adjusted basis for the week ending June 26.
Purchase activity provided the week's modest support. The seasonally adjusted Purchase Index increased 1% from the previous week and remained 3% higher than the same week one year ago, extending a trend of stronger year-over-year demand.
Refinance activity eased slightly, with the Refinance Index declining 1% from the prior week while remaining 9% above year-ago levels.
“Mortgage rates eased slightly last week as oil prices declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications remain ahead of 2025’s pace and have exhibited year-over-year growth for almost three months, as prospective homebuyers are finding opportunities in markets with ample inventory and easing home-price growth.”
The refinance share of mortgage activity edged down to 41.4% from 41.5%, while the ARM share declined to 7.6%, its lowest level since January.
Government-backed application shares were mixed. FHA share decreased to 16.9% from 17.9%, while VA share increased to 12.9% from 12.3%. USDA share slipped to 0.4% from 0.5%.
Mortgage Rate Summary:
- 30yr Fixed: 6.57% (from 6.59%) | Points: 0.65 (from 0.63)
- 15yr Fixed: 6.00% (from 6.02%) | Points: 0.75 (from 0.69)
- Jumbo 30yr: 6.52% (unchanged) | Points: 0.38 (from 0.58)
- FHA: 6.27% (from 6.25%) | Points: 0.77 (from 0.76)
- 5/1 ARM: 5.79% (from 5.68%) | Points: 0.94 (from 0.81)
