Mortgage application volume fell 2.6% during the week ended June 13, despite a decrease in rates, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances decreased 2% compared with the previous week but were up 25% compared with the same week one year ago.
Applications for purchases decreased 3% compared with the previous week but were up 14% compared with the same week one year ago.
The average rate for a 3-year, fixed-rate mortgage last week was 6.84%, down from 6.93% the previous week.
“Mortgage rates decreased last week, driven by financial market volatility caused by current geopolitical conflict and ongoing tariff uncertainties,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement. “The 30-year fixed rate decreased to 6.84 percent, its lowest level since April. Even with lower average mortgage rates, applications declined over the week, as ongoing economic uncertainty weighed on potential homebuyers’ purchase decisions.”
“Refinance activity declined for both conventional and government borrowers,” Kan adds. “VA applications, however, bucked the trend with a 2 percent increase in purchase applications and a slight increase in refinance applications. Additionally, the overall average loan size at $380,200, was the lowest since January 2025.”
The refinance share of mortgage activity increased to 37.3% of total applications, up from 36.7% the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 7.1% of total applications.
Photo: Annika Wischnewsky