Little movement in mortgage rates and interest rates via the Federal Reserve have led to a downturn in mortgage applications, according to the latest data.

Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 25, 2025 found that mortgage applications decreased 3.8% from one week earlier. On an unadjusted basis, applications decreased 4% compared with the previous week. 

Applications are now at the “lowest level since May,” as stated by MBA’s Vice President and Deputy Chief Economist Joel Kan.

“There is still plenty of uncertainty surrounding the economy and job market, which is weighing on prospective homebuyers’ decisions,” he continued.

The seasonally adjusted Purchase Index decreased 6% from one week earlier. The unadjusted Purchase Index decreased 6% compared with the previous week and was 17% higher than the same week one year ago.
The Refinance Index decreased 1% from the previous week and was 30% higher than the same week one year ago. The refinance share of mortgage activity increased to 40.7% of total applications from 39.6% the previous week. 

As for other shares of mortgage activity, the adjustable-rate mortgage (ARM) share of activity increased to 8.3% of total applications. The FHA share of total applications increased to 18.8%. The VA share of total applications decreased to 12.2%. The USDA share of total applications remained unchanged at 0.6%. 

For the full report, click here.

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