Mortgage application volume decreased 1.2% during the week ended August 29, as the average rate for a 30-year fixed-rate mortgage decreased to 6.64%, down from 6.69% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances increased 1% compared with the previous week and were up 20% compared with the same week one year ago.
Applications for purchases decreased 3% but were up 17% compared with the same week one year ago.
“Mortgage rates declined last week, with the 30-year fixed rate decreasing to its lowest level since April to 6.64 percent,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement. “However, that was not enough to spark more application activity.”
“Refinance applications saw a small increase from the previous week, driven by FHA and VA refinance applications, but conventional refinances declined,” Kan says. “The FHA rate is averaging about 30 basis points lower than the conventional rate in 2025, which has made those loans relatively more appealing to eligible borrowers. Purchase activity pulled back, after a four-week run of increases, as slower homebuying activity led to declines in applications across the various loan types.”
The refinance share of mortgage activity increased to 46.9% of total applications, up from 45.3% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 8.8% of total applications.
Photo: Ben Mullins