Mortgage Applications Increase in the Week Ending July 12th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, July 12th, the Market Composite Index—a measure of mortgage loan application volume—increased 3.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 30.0% compared with the previous week.

The Refinance Index increased 15.0% from the previous week and was 37.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 3.0% compared to one week ago. The unadjusted Purchase Index increased 22.0% compared with the previous week but was 14.0% lower than the same week one year ago.

Commenting on the results of this week’s survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower. The 30-year fixed rate declined to 6.87%, the lowest rate since March 2024. Application activity was up 4%, driven by a 15% jump in refinances to the highest level since August 2022. While FHA and VA refinance applications accounted for a significant share of the increase, these are likely recently originated loans with even higher than current offered rates. Even with last week’s rate decline, purchase applications continue to lag, down 14% compared to last year’s pace.”