Mortgage applications decreased 6.4% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending July 24.
On an unadjusted basis, the index decreased 6% compared with last week’s data.
The refinance index decreased 10% from the previous week and was 2% lower than the same week one year ago. The seasonally adjusted purchase index decreased 4% from one week earlier. The unadjusted purchase index decreased 3% compared with the previous week and was 3% higher than the same week one year ago.
“Following last week’s spike in oil prices, mortgage rates moved higher, with the 30-year fixed rate increasing to 6.76%, the highest rate since August 2025,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.
“This upward trajectory in rates continues to significantly impact refinance borrowers, with a 10% decline in refinance applications, including a steeper drop in government refinances. Despite housing inventory increasing in certain markets, higher rates have added to ongoing affordability challenges for many homebuyers, which drove the decrease in purchase activity over the week.”
The refinance share of mortgage activity decreased to 39.5% of total applications, down from 41.2% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.1% of applications.
The Federal Housing Administration (FHA) share of applications decreased to 16.9%, down from 17% the week prior. The U.S. Department of Veterans Affairs (VA) share decreased to 12.6%, down from 13.2%. And the U.S. Department of Agriculture (USDA) share decreased to 0.4%, down from 0.5%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.76%, up from 6.69% a week earlier, while the average rate for 30-year fixed mortgages with jumbo loan balances increased to 6.70%, up from 6.44%.
Average rates for 30-year fixed mortgages backed by the FHA rose 7 basis points to 6.41% and rates for 15-year fixed mortgages rose 11 bps to 6.15% from 6.04%. Rates for 5/1 ARMs increased 1 bps to 5.98%.
Xactus Mortgage Intent Index
Xactus’s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — decreased week over week to a reading of 122.7.
“Mortgage intent declined approximately 2.7% week over week, with the Xactus Mortgage Intent Index falling to 122.7. As mortgage rates climbed to their highest level since August 2025, borrower activity softened following a modest two-week rebound after the July 4 holiday,” said Thomas Lloyd, Xactus’s chief strategy officer.
Lloyd said the index remained about 6.5% below its level during the same week last year, reflecting borrowers’ continued sensitivity to elevated mortgage rates and economic uncertainty.
“While weekly activity remains volatile, the latest reading suggests the current rate environment continues to constrain mortgage intent,” he said.
