Home mortgage application activity was basically unchanged recently, as a modest increase in purchase demand offset a minor decrease in refinancing. The Home Mortgage Bankers Association (MBA) reported a 0.04% increase in overall application volume on a seasonally changed basis for the week ending June 26.
Purchase activity offered the week’s modest support. The seasonally adjusted Purchase Index increased 1% from the previous week and remained 3% higher than the very same week one year back, extending a pattern of stronger year-over-year need.
Refinance activity relieved somewhat, with the Refinance Index decreasing 1%from the prior week while remaining 9% above year-ago levels.
“Mortgage rates reduced a little last week as oil costs declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller sized decrease in refinances,” said Joel Kan, MBA’s Vice President and Deputy Chief Economic Expert. “Purchase applications remain ahead of 2025’s rate and have shown year-over-year development for almost 3 months, as prospective homebuyers are finding opportunities in markets with sufficient inventory and easing home-price development.”
The re-finance share of home loan activity edged down to 41.4% from 41.5%, while the ARM share declined to 7.6%, its lowest level since January.
Government-backed application shares were mixed. FHA share decreased to 16.9% from 17.9%, while VA share increased to 12.9% from 12.3%. USDA share slipped to 0.4% from 0.5%.
Mortgage Rate Summary:
- 30yr Fixed: 6.57% (from 6.59%)|Points: 0.65 (from 0.63)
- 15yr Fixed: 6.00% (from 6.02%)|Points: 0.75 (from 0.69)
- Jumbo 30yr: 6.52% (unchanged)|Points: 0.38 (from 0.58)
- FHA: 6.27% (from 6.25%)|Points: 0.77 (from 0.76)
- 5/1 ARM: 5.79% (from 5.68%)|Points: 0.94 (from 0.81)