Mortgage applications increased for the second week, up 2.7% for the week ending June 27, 2025, as interest rates decreased. The average 30-year fixed mortgage rate dropped to 6.77%, prompting a rise in refinance applications. The Market Composite Index, measuring mortgage loan application volume, increased 2.7% seasonally adjusted. The refinance index rose 7%, while the purchase index increased 0.1% adjusted and 10% unadjusted week-over-week. Refinancing activity constituted 40.1% of total applications, with adjustable-rate mortgage activity at 7.8%.
"Mortgage rates were lower across all loan types last week, with the 30-year fixed rate declining to its lowest level since April at 6.79 percent," says Joel Kan, MBA's vice president and deputy chief economist.
The refinance index increased 7% from the previous week and was 40% higher than the same week one year ago.
The seasonally adjusted purchase index increased 0.1% from one week earlier. The unadjusted purchase index increased 10% compared with the previous week and was 16% higher than the same week one year ago.
Mortgage activity for homeowners refinancing increased to 40.1% of total applications from 38.4% the previous week.
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