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Mortgage applications fall 2.9% as 30-year rate tops 6.8%

MBA data for the week ending July 31 showed purchase activity dropped 4% and the refinance share rose to 39.9% of applications.

Reported · Written up by our desk · Mortgages

Mortgage applications fell 2.9% in the week ending July 31 as the 30-year fixed mortgage rate climbed to 6.81%, according to data from the Mortgage Bankers Association cited by HousingWire.

Within the report, refinancing applications declined 2% for the week, and purchase activity fell 4% from the prior week. Both measures were also below their year-ago levels, with the refinance index 9% lower than the same week one year ago.

HousingWire also reported that the refinance share of total applications increased to 39.9% from 39.5% the previous week, while the adjustable-rate mortgage share fell to 7.9%. By program, the FHA share rose to 17.3% from 16.9%, the VA share decreased to 12.3% from 12.6%, and the USDA share increased to 0.5% from 0.4%.

The MBA survey showed average rates rising for conforming 30-year fixed loans to 6.81% from 6.76%, while jumbo 30-year fixed rates increased to 6.72% from 6.70%. HousingWire added that Xactus’s Mortgage Intent Index fell 2.4% week over week to 119.8, its lowest non-holiday reading since December 2025.

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