Total mortgage application volume increased 1.1% on an adjusted basis during the week ended June 20, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
The average rate for a 30-year-fixed-rate mortgage was 6.88%, during the week, up from 6.84%.
Applications for refinances increased 3% compared with the previous week and were up 29% compared with the same week one year ago.
Applications for purchases decreased 0.4% compared with the previous week but were up 12% compared with the same week one year ago.
“The combination of the ongoing conflict in the Middle East, current economic conditions, and last week’s FOMC meeting resulted in slightly lower Treasury rates,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement. “However, mortgage rates still edged higher but remained in the same narrow range, with the 30-year fixed rate increasing to 6.88 percent last week.
“Applications increased slightly overall driven by FHA refinances, but conventional applications saw declines over the week,” Kan adds. “The average loan size for purchase applications declined to $436,300, the lowest level since January 2025, driven by decreasing conventional purchase loan sizes.”
The refinance share of mortgage activity increased to 38.4% of total applications, down from 37.3% the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.9% of total applications.
Photo: Romain Dancre