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Mortgage applications fall again as 30-year fixed hits 6.85%

Refinance applications dropped 6% week over week, and ARM share rose to 8.5% of submissions, the highest since June.

Reported · Written up by our desk · Mortgages

Mortgage applications fell again in the latest week, pressured by higher borrowing costs, with the Mortgage Bankers Association reporting that total applications decreased 2.7% for the week ending Sept. 4, 2026.

The 30-year fixed-rate mortgage averaged 6.85%, the highest since June 2025, rising 36 basis points from a year earlier, and refinance activity declined 6% week over week.

MBA data also showed refinance applications fell to the slowest weekly pace since May 2025, while the ARM share of applications increased to 8.5%, up from the prior week and the highest share since June.

Purchase activity was little changed from the previous week, but applications shifted toward ARMs, and the FHA share rose to 17.2% from 15.9%, while VA share fell to 12% from 13.6%, according to HousingWire, citing MBA survey data.

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