Mortgage application volume inched up 0.8% during the week ended July 18, despite a slight increase in rates, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances decreased 3% compared with the previous week but were up 22% compared with the same week one year ago.
Applications for purchases increased 3% compared with the previous week and were up 22% compared with the same week one year ago.
“The 30-year fixed mortgage rate edged higher last week to its highest level in four weeks at 6.84 percent, while rates for other loan types were mixed,” says Joel Kan, vice president and deputy chief economist for the MBA, in a statement. “Purchase applications finished the week higher, driven by conventional purchase loans, and continue to run ahead of last year’s pace.”
“After reaching $460,000 in March 2025, the purchase loan amount has fallen to its lowest level since January 2025 to $426,700,” Kan adds. “With the 30-year fixed rate still too high to benefit many borrowers, refinance applications were down almost three percent for the week.”
The refinance share of mortgage activity decreased to 39.6% of total applications, down from 41.1% the previous week.
The adjustable-rate mortgage (ARM) share of activity increased to 7.2% of total applications.
Photo: Bruce Mars