Mortgage Applications Inconsequentially Lower vs Last Week

Mortgage application activity eased last week, but not in a statistically significant way.  One might be inclined to note a very slight uptick in mortgage rates, but it's just as fair to say that rates held steady near longer-term lows.  The Mortgage Bankers Association’s weekly survey showed a 1.4% decline in the seasonally adjusted Composite Index for the week ending August 15, 2025. “Mortgage rates increased slightly last week, with the 30-year fixed rate now at 6.68 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. VA applications fell 16%, while FHA refinance applications increased as FHA rates remained comparatively competitive. The Refinance Index decreased 3% week-over-week but remains about 23% higher than the same week a year ago. The Purchase Index was essentially flat (+0.1% seasonally adjusted) and is running about 23% ahead of last year’s level. The refinance share of total mortgage applications slipped to 46.1%. ARM share decreased to 8.6%. FHA share rose to 19.1%, while VA share declined to 13.4%. Mortgage Rate Summary: 30yr Fixed: 6.68% (from 6.67%) | Points: 0.60 (down from 0.64) 15yr Fixed: 5.96% (from 5.93%) | Points: 0.70 (up from 0.63) Jumbo 30yr: 6.64% (from 6.70%) | Points: 0.60 (up from 0.56) FHA: 6.39% (from 6.40%) | Points: 0.66 (down from 0.77) 5/1 ARM: 6.01% (from 5.80%) | Points: 0.63 (down from 0.67)