by Calculated Risk on 11/19/2025 07:00:00 AM
From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 5.2 percent from
one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending November 14, 2025.The Market Composite Index, a measure of mortgage loan application volume, decreased 5.2 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7
percent compared with the previous week. The Refinance Index decreased 7 percent from the previous
week and was 125 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 7 percent
compared with the previous week and was 26 percent higher than the same week one year ago.“Mortgage rates increased for the third consecutive week, with the 30-year fixed rate inching higher to its
highest level in four weeks at 6.37 percent,” said Joel Kan, MBA’s Vice President and Deputy Chief
Economist. “Application activity over the week was lower, with potential homebuyers moving to the
sidelines again, although there was a small increase in FHA purchase applications. Refinance
applications decreased as borrowers remain sensitive to even small increases in rates at this level. The
overall average loan size across both purchase and refinance applications dipped to its lowest level since
August of this year, driven by another drop in the ARM share.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) increased to 6.37 percent from 6.34 percent, with points remaining unchanged at 0.62
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.
The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is up 26% year-over-year unadjusted.
Red is a four-week average (blue is weekly).
The refinance index has increased from the bottom as mortgage rates declined.
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