Mortgage Applications Trend Higher in the Week Ending July 4

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, July 4, the Market Composite Index—a measure of mortgage loan application volume—increased 9.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13.0% compared with the previous week. The results include an adjustment for the July 4th holiday.

The Refinance Index increased 9.0% from the previous week and was 56.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 9.0%. The unadjusted Purchase Index decreased 13.0% compared with the previous week but was 25.0% 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:

“Mortgage rates moved lower last week, with the 30-year fixed rate decreasing to 6.77%, its lowest level in three months. After adjusting for the July 4th holiday, purchase applications increased to the highest level of activity since February 2023 and remained above year-ago levels. Homebuyer demand is being fueled by increasing housing inventory and moderating home-price growth. The average loan size on a purchase application, at $432,600, was at its lowest since January 2025. The refinance index also increased over the week, with VA refinances in particular up 32%.”