Haver Analytics
Haver Analytics
USA
| Jul 02 2025

U.S. Mortgage Applications Rise 2.7% in the June 27 Week

Summary
  • Purchase applications edge up 0.1% w/w; refinancing loan applications jump 6.5% w/w.
  • Effective interest rate on 30-year fixed-rate loans drops to 6.97%, the lowest since the Apr. 4 week.
  • Average loan size rebounds to the highest level since the May 9 week.

Mortgage applications rose 2.7% w/w (24.7% y/y) in the week ending June 27 after a 1.1% rise in the week ending June 20, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The latest reading was the third w/w rise in four weeks to the index level of 257.5, the highest since the April 11 week. Applications for loans to purchase a house inched up 0.1% (15.7% y/y) in the June 27 week, the first w/w increase in three weeks, following a 0.4% decline in the June 20 week. Applications for loan refinancing advanced 6.5% (39.6% y/y) in the June 27 week, up for the third week in four, after a 3.0% rebound in the previous week.

The effective interest rate on a 30-year fixed-rate loan fell 9bps to 6.97% in the week ending June 27 after rising to 7.06% in the week ending June 20; it was up from a low of 6.29% in the September 20 week but down from a peak of 8.12% in the week of October 20, 2023. The rate on 15-year fixed-rate mortgages declined 6bps to 6.23% in the June 27 week after easing to 6.29% in the previous week; it was up from a low of 5.60% in the September 20 week but down from a high of 7.44% in the week of October 27, 2023. The rate on 30-year jumbo loans dropped 16bps to 6.89% in the June 27 week after rising to 7.05% in the prior week; it was up from a low of 6.57% in the September 13 week but below a high of 7.99% in the week of October 27, 2023. These mentioned three rates were at the lowest since the April 4 week. The rate on a 5-year ARM decreased 15bps to 6.21% in the June 27 week, the lowest since the May 2 week, after rising to 6.36% in the previous week; it was above a low of 5.84% in the September 13 week but below a high of 7.31% in the week of October 27, 2023.

The share of applications for refinancing an existing loan rose to 40.1% of total applications in the week ending June 27 from 38.4% in the week ending June 20, registering the fifth consecutive w/w rise and the highest since the April 11 week; nevertheless, that was well below a peak of 55.7% in the September 20 week. The adjustable-rate mortgage (ARM) share of activity, up for the first week in three, increased to 7.8% in the June 27 week, the highest since the May 2 week, after declining to 6.9% in the prior week; it was up from a low of 4.7% in the January 3 week but below its recent high of 9.6% in the April 11 week and a high of 10.7% in the week of October 27, 2023.

The average size of a mortgage loan, up for the first time in three weeks, rose 3.5% w/w (4.4% y/y) to $391,500 in the June 27 week, the highest level since the May 9 week, after a 0.5% decline to $378,300 in the June 20 week. The average size of a purchase loan recovered 1.7% (2.1% y/y) to $443,500 in the June 27 week, the highest level since the May 16 week, reversing a 0.6% decrease to $436,300 in the prior week. The average size of a loan to refinance a mortgage, up for the third week in four, jumped 10.0% (17.1% y/y) to $313,700 in the June 27 week, the highest level since the May 2 week, on top of a 1.2% rebound to $285,100 in the previous 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.

  • Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations.   Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia.   Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.

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