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Mortgage application activity fell last week, reversing prior momentum and highlighting continued softness in both purchase and refinance demand. The Mortgage Bankers Association’s weekly survey showed a 3.8% decline in the seasonally adjusted Composite Index for the week ending July 25, 2025. “Mortgage applications fell to their lowest level since May, with both purchase and refinance activity declining over the week,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30‑year fixed rate was little changed at 6.83%, but high enough to deter refinancing, pushing the refinance index lower for the third straight week. Purchase applications decreased by almost 6 percent, as conventional, FHA, and VA purchase loans declined despite slowing home‑price growth and rising inventory.” The Refinance Index dropped 1% week‑over‑week, though it remains about 30% above last year’s level. The Purchase Index posted a 6% weekly decrease, but still sits roughly 17% higher than the same week in 2024. Purchase applications declined across the board, while refinance activity also softened. The 30‑year fixed rate held steady at 6.83% after a slight drop from the week prior. Mortgage Rate Summary:
30yr Fixed: 6.83% (from 6.84%) | Points: 0.60 (down from 0.62)
15yr Fixed: 6.12% (down from 6.14%) | Points: 0.64 (down from 0.69)
Jumbo 30yr: 6.74% (down from 6.75%) | Points: 0.51 (down from 0.70)
FHA: 6.56% (up from 6.52%) | Points: 0.83 (up from 0.79)
5/1 ARM: 6.22% (up from 6.01%) | Points: 0.51 (up from 0.28)
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Housing News
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Mortgage application activity fell last week, reversing prior momentum and highlighting continued softness in both purchase and refinance demand. The Mortgage Bankers Association’s weekly survey showed a 3.8% decline in the seasonally adjusted Compos... (read more) |
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Housing News
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The National Association of Realtors’ Pending Home Sales Index (PHSI)—which tracks contract signings on existing homes—has remained rangebound for more than two years, constrained by affordability pressures and elevated mortgage rates. This week’s re... (read more) |
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Mortgage Rate Watch
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Every month, we offer the same old warning/reminder ahead of the big jobs report--something to the effect of "no other economic report has as much power to cause volatility in rates, for better or worse." Days like today are the reason for that... (read more) |
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MBS Commentary
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Non-farm payrolls came in at 73k vs 110k, which is a pretty good thing for the bond market in and of itself. But the bigger story is in the net revisions to the last 2 months. 139k reported in June became 19k. 147k reported last month was... (read more) |
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Rob Chrisman
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Soon I will head to Michigan. Isolationists beware: Federal records revealed by a Freedom of Information Act request have found that the government of Singapore owns approximately 5 percent of all land in the Upper Peninsula of Michigan. The city-sta... (read more) |
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