Mortgage applications rise as purchase demand offsets refi drop

Mortgage applications increased 0.04% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending June 26, 2026.

Last week’s results included an adjustment for the Juneteenth holiday. On an unadjusted basis, the index increased 11% compared with the previous week.

The refinance index decreased 1% from the previous week and was 9% higher than the same week one year ago. The refinance share of mortgage activity decreased to 41.4% of total applications from 41.5% the previous week.

The seasonally adjusted purchase index increased 1% from one week earlier, while the unadjusted Purchase Index increased 11% compared with the previous week and was 3% higher than the same week one year ago.

“Mortgage rates eased slightly last week as oil prices declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances,” said Joel Kan, MBA’s vice president and deputy chief economist. “Purchase applications remain ahead of 2025’s pace and have exhibited year-over-year growth for almost three months, as prospective homebuyers are finding opportunities in markets with ample inventory and easing home-price growth. ARM loans accounted for less than 8% of applications, the lowest share since January, as the yield curve continues to flatten with relatively higher short-term rates.”

The adjustable-rate mortgage (ARM) share of activity decreased to 7.6% of total applications. By product, the Federal Housing Administration (FHA) share of total applications decreased to 16.9% from 17.9% the week prior. The U.S. Department of Veterans Affairs (VA) share of total applications increased to 12.9% from 12.3% the week prior. The U.S. Department of Agriculture (USDA) share of total applications decreased to 0.4% from 0.5% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 6.57% from 6.59% while rates for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) remained unchanged at 6.52%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.27% from 6.25%, and the average rate for 15-year fixed-rate mortgages decreased to 6% from 6.02%. The average contract interest rate for 5/1 ARMs increased to 5.79% from 5.68 %.

Xactus Mortgage Intent Index

Xactus’s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — increased 3.53% week over week to a reading of 123.3

“The Xactus Mortgage Intent Index rebounded approximately 3.5% from the prior week, recovering from muted volumes associated with the Juneteenth holiday. The latest reading was also approximately 10.4% higher than the Memorial Day week recorded a month earlier, reflecting a normalization in borrower activity following two consecutive holiday-impacted periods,” said Thomas Lloyd, Xactus’ chief strategy officer.

Lloyd continued, “On a year-over-year basis, the index was approximately 5.6% lower than the same week in 2025. However, because the Xactus Mortgage Intent Index is not seasonally adjusted, differences in holiday timing and borrower activity can temporarily influence weekly volumes.”