Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 12.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 6, 2025.  Last week’s results included an adjustment for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 12.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 23 percent compared with the previous week. The Refinance Index increased 16 percent from the previous week and was 28 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 10 percent from one week earlier. The unadjusted Purchase Index increased 20 percent compared with the previous week and was 20 percent higher than the same week one year ago.

“Coming out of the Memorial Day holiday, mortgage applications increased to the highest level in over a month, driven by growth in both purchase and refinance applications. Treasury rates saw some movement during the week, which resulted in additional opportunities for borrowers,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The rate for 15-year fixed rate loans and FHA loans saw declines last week, while the 30-year fixed rate was largely unchanged. Purchase applications were 20 percent ahead of last year’s pace, continuing to show strength compared to a year ago. Despite ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening housing inventory in certain markets.”

The refinance share of mortgage activity increased to 36.7 percent of total applications from 35.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.2 percent of total applications.

The FHA share of total applications decreased to 18.0 percent from 18.7 percent the week prior. The VA share of total applications decreased to 11.6 percent from 12.6 percent the week prior. The USDA share of total applications increased to 0.6 percent from 0.5 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.93 percent from 6.92 percent, with points decreasing to 0.64 from 0.66 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) increased to 6.93 percent from 6.92 percent, with points increasing to 0.63 from 0.60 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.  

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.60 percent from 6.68 percent, with points decreasing to 0.88 from 0.93 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.16 percent from 6.25 percent, with points decreasing to 0.66 from 0.67 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs increased to 6.22 percent from 6.14 percent, with points decreasing to 0.33 from 0.43 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week. 

The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.

Contact:

Falen Pitts – Media Contact – fpitts@mba.org – (202) 557-2771

Source: Mortgage Bankers Association