Aerial view of a residential development in Las Vegas, Nevada, August 8, 2025.
Justin Sullivan | Getty Images
For the second week in a row, mortgage demand has been hardly moving as interest rates remained stuck in the mud.
The total mortgage application volume fell 0.5% compared to last week, according to the Mortgage Banks Association’s Seasonally Adjusted Index.
The average contract rate for a 30-year fixed-rate mortgage with conforming loan balances, under $806,500, has increased from 6.68% to 6.69%, remaining varied at 0.60 including the 80% loan-value ratio or origination fee for LTV loans.
Refinance applications fell 4% a week, 19% higher than the same week a year ago. The refinance share of mortgage activities fell from 46.1% last week to 45.3% of total applications.
Mortgage applications to buy mortgages rose 2% per week, 25% higher than the same week a year ago. That small profit has been the strongest week of purchase demand in a month, but given its very low level, it’s not much said. The average purchase loan size rose to $433,400, the highest in two months. It reflects rising home prices.
MBA economist Joel Kang said:
Despite news that President Donald Trump has fired Federal Reserve Gov. Lisa Cook, mortgage fees have also not moved at all to begin this week. The meaning is to support a more aggressive cut in interest rates if Cook’s successor exists.
