"The refinance index increased 1% from the previous week and was 20% higher than the same week one year ago. The refinance share of mortgage activity increased to 46.9% of total applications from 45.3% the previous week. The seasonally adjusted purchase index decreased 3% from one week earlier. The unadjusted purchase index decreased 6% compared with the previous week and was 17% higher than the same week one year ago."
"Kan continued, Refinance applications saw a small increase from the previous week, driven by FHA and VA refinance applications, but conventional refinances declined. The FHA rate is averaging about 30 basis points lower than the conventional rate in 2025, which has made those loans relatively more appealing to eligible borrowers. Purchase activity pulled back, after a four-week run of increases, as slower homebuying activity led to declines in applications across the various loan types."
Mortgage rates declined, with the 30-year fixed rate falling to 6.64%, its lowest level since April. The refinance index rose 1% from the prior week and was 20% higher than the same week a year earlier, lifting the refinance share to 46.9% of total applications from 45.3%. The seasonally adjusted purchase index fell 3% week-over-week; the unadjusted purchase index fell 6% but remained 17% above year-ago levels. Refinance gains were driven by FHA and VA refinances while conventional refinances declined. The FHA rate averaged about 30 basis points below the conventional rate in 2025. ARM share increased to 8.8%; FHA share rose to 19.9% and VA to 13.8%; USDA share held at 0.5%.
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