Mortgage activity decreased last week, as rates held steady in the mid 6% range, the Mortgage Bankers Association found.
The MBA's Market Composite Index, a measure of mortgage loan application volume, decreased 3.8% on a seasonally-adjusted basis from one week prior for the week ending June 12, 2026. The Index fell 5% on an unadjusted basis.
This comes after the index increased 10.5% the week before and decreased 2.5 two weeks prior.
"Last week's CPI data showed that inflation continued to move higher, putting upward pressure on rates early in the week, but growing optimism regarding the opening of the Strait of Hormuz brought rates down again by the end of the week," said Mike Fratantoni, MBA's senior vice president and chief economist in a press release Wednesday.
The Refinance Index declined 5 percent from the previous week and was 17 percent higher than the same week one year ago. The Purchase Index dropped 3 percent on a seasonally adjusted basis from one week earlier.
"Purchase applications continue to run modestly ahead of last year, with last week's volume up 3 percent on an annual basis, with stronger growth in conventional purchase volume while government purchase volume remained subdued," said Fratantoni.
New-home purchase applications hit a
Freddie Mac's 30-year FRM is 6.52% up from a week prior. Existing home sales have also reached a
Traditional mortgage refinancing has become
The share of loans insured by the Federal Housing Administration relative to total applications increased to 17.5% from 17.4% the week prior. Loans backed by the VA decreased from 13.4% the week prior to 12.9%. Loans backed by the U.S. Department of Agriculture were unchanged at 0.4%
Three of the five types of mortgages the MBA tracks saw a decrease in interest rates last week compared with the week prior including:
- 30-year fixed-rate mortgages backed by the FHA, 6.25% from 6.27%
- 30-year fixed rate mortgages with jumbo loan balances, 6.62% from 6.66%
- Five-year ARMs, 5.86% from 5.96%
