Fewer borrowers were seeking out mortgages for the week ending June 13, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, decreased 2.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 4% compared with the previous week.
The seasonally adjusted Purchase Index decreased 3% from one week earlier while the unadjusted index decreased by 5% – the latter was also 14% higher than the same week one year ago. The Refinance Index decreased 2% from the previous week and was 25% higher than the same week one year ago. The refinance share of mortgage activity increased to 37.3% of total applications from 36.7% in the previous week.
Among the federal programs, the FHA share of total applications decreased to 17.8% from 18.0% the week prior while the VA share of total applications increased to 12.1% from 11.6% and the USDA share of total applications remained unchanged at 0.6%.
Joel Kan, MBA’s vice president and deputy chief economist, observed, “Even with lower average mortgage rates, applications declined over the week as ongoing economic uncertainty weighed on potential homebuyers’ purchase decisions. Refinance activity declined for both conventional and government borrowers. VA applications, however, bucked the trend with a 2% increase in purchase applications and a slight increase in refinance applications. Additionally, the overall average loan size at $380,200, was the lowest since January 2025.”
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