US Mortgage Applications Rise in the Week Ending August 7

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, August 7, the Market Composite Index—a measure of mortgage loan application volume—increased 3.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3%.

The Refinance Index increased 5% from the previous week but was 22% lower than the same week one year ago.

The seasonally adjusted Purchase Index increased 3% from one week earlier. On an unadjusted basis, the Purchase Index increased 2% compared with the prior week but was 1% lower than the same week one year ago.

In remarks accompanying the release, MBA Vice President and Deputy Chief Economist Joel Kan said:

“After five consecutive weeks of increases, mortgage rates declined slightly last week as oil prices dipped briefly on the hopes of a sustained resolution to the war in Iran. The 30-year fixed rate decreased four basis points but remained close to its highest level in a year at 6.77%. The reprieve in rates supported an increase in both purchase and refinance applications over the week, although the pace of applications has fallen below last year’s pace in recent weeks. As refinance incentives have dwindled with rates at current levels, the average loan size for refinance applications was down to its lowest level since July 2025.”