Haver Analytics
Haver Analytics
USA
| Jun 18 2025

U.S. Mortgage Applications Decline in the June 13 Week

Summary
  • Purchase and refinancing loan applications fell.
  • Effective interest rate on 30-year fixed-rate loans fell to 7.03%.
  • Average loan size eased.

Mortgage applications declined 2.6% (+17.9% y/y) in the week ending June 13, after gaining 12.5% (22.1% y/y) in the week ending June 6, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Applications for loans to purchase a house fell 3.0% (+13.6% y/y) in the June 13 week after the rebound of 10.3% (18.9% y/y) in the June 6 week. Applications for loan refinancing fell 2.1% (+25.3% y/y) in the latest week after surging 15.6% (27.5% y/y) in the June 6 week.

The effective interest rate on a 30-year fixed-rate loan fell 9bps to 7.03% in the week ending June 13 from 7.12% in the week ending June 6; The recent low was 6.29% in the September 20 week, while the peak of 8.12% was reached in the week of October 20, 2023. The rate on 15-year fixed-rate mortgages eased 2bps to 6.31% in the week ending June 13 from 6.33% in the June 6 week; a low of 5.60% was reached in the September 20 week, while the high of 7.44% was reached in the week of October 27, 2023. The rate on 30-year jumbo loans declined 12bps to 6.99% in the latest week from 7.11% in the June 6 week; the low of 6.57% was reached in the September 13 week and the high of 7.99% in the week of October 27, 2023. The rate on a 5-year ARM eased 3bps to 6.31% in the week ending June 13 from 6.34% in the June 6 week; the low of 5.84% was in the September 13 week and the high of 7.31% was in the week of October 27, 2023.

The share of applications for refinancing an existing loan rose to 37.3% of total applications in the week of June 13 from 36.7% in the week ending June 6. The adjustable-rate mortgage (ARM) share of activity dropped to 7.1% in the June 13 week from 7.2% in the June 6 week.

The average size of a mortgage loan eased 0.9% (+2.1% y/y) to $380,200 in the June 13 week, after a rise of 0.4% (2.8% y/y) to $383,700 in the June 6 week. The average size of a purchase loan declined by 0.7% (+2.0% y/y) to $439,000 in the June 13 week, after a rise of 0.8% (3.1% y/y) to $441,900 in the June 6 week. The average size of a loan to refinance a mortgage eased 0.6% (+6.1% y/y) to $281,600 in the June 13 week after a rise of 2.0% (4.5% y/y) to $283,400 in the June 6 week.

The Mortgage Bankers Association Survey covers 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts. The base period and value for all indexes is March 16, 1990=100. The figures for weekly mortgage applications and interest rates are available in Haver’s SURVEYS database.

  • Kathleen Stephansen is a Senior Economist for Haver Analytics and an Independent Trustee for the EQAT/VIP/1290 Trust Funds, encompassing the US mutual funds sponsored by the Equitable Life Insurance Company. She is a former Chief Economist of Huawei Technologies USA, Senior Economic Advisor to the Boston Consulting Group, Chief Economist of the American International Group (AIG) and AIG Asset Management’s Senior Strategist and Global Head of Sovereign Research. Prior to joining AIG in 2010, Kathleen held various positions as Chief Economist or Head of Global Research at Aladdin Capital Holdings, Credit Suisse and Donaldson, Lufkin and Jenrette Securities Corporation.

    Kathleen serves on the boards of the Global Interdependence Center (GIC), as Vice-Chair of the GIC College of Central Bankers, is the Treasurer for Economists for Peace and Security (EPS) and is a former board member of the National Association of Business Economics (NABE). She is a member of Chatham House and the Economic Club of New York. She holds an undergraduate degree in economics from the Universite Catholique de Louvain and graduate degrees in economics from the University of New Hampshire (MA) and the London School of Economics (PhD abd).

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