Mortgage Applications Decline in the Week Ending July 11

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, July 11, the Market Composite Index—a measure of mortgage loan application volume—decreased 10.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 13.0% compared with the previous week.

The Refinance Index decreased 7.0% from the previous week but was 25.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 12.0% from one week earlier. The unadjusted Purchase Index increased 11.0% compared with the previous week and was 13% higher than the same week one year ago.

Commenting on the results of the latest survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Treasury yields finished higher last week on average despite an intra-week drop, driven partly by renewed concerns of the impact of tariffs on the economy. As a result, mortgage rates rose after two weeks of declines, which contributed to slower application activity Jumbo rates were lower than conventional rates for the third straight week, as some depositories may be positioning themselves for growth in balance sheet lending.

Purchase applications remained sensitive to both the uncertain economic outlook and the volatility in rates and declined to the slowest pace since May. Refinance applications also dipped because of higher rates, with refinance applications falling, led by VA refinances partially reversing their previous week’s gain, dropping 22%.”