US Mortgage Applications Slip in the Week Ending August 14

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, August 14, the Market Composite Index—a measure of mortgage loan application volume—decreased 0.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1%.

The Refinance Index increased 2% from the previous week but was 18% lower than the same week one year ago.

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

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

“Mortgage rates and applications changed little last week, with just a slight increase in refinances for conventional and VA loans, while FHA refinances were lower. Borrowers with larger loan sizes remain less likely to refinance with rates at these higher levels. The average loan size on refinances continues to shrink, dipping to $282,200 last week, the lowest level since June 2025.

Purchase applications decreased and were also lower than last year’s pace. In addition to the economic uncertainty, affordability difficulties have reemerged as a reason for homebuyers to delay purchase decisions given the impact of higher mortgage rates on monthly mortgage payments.”