While refinance applications continue to decrease, the overall number of mortgage applications increased 0.8% for the week ending July 18, according to data from the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey.

The survey showed the Market Composite Index (the measure of the volume of mortgage loan applications), increased 0.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1%.

The data also pointed out that while the Refinance Index decreased from the previous week by 3%, it was still 22% higher than the same week in 2024. Refinances made up for 39.6% of the total mortgage applications, down from 41.1% the previous week.

The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 4% compared with the previous week and was 22% higher than the same week one year ago.

“The 30-year fixed mortgage rate edged higher last week to its highest level in four weeks at 6.84%, while rates for other loan types were mixed. Purchase applications finished the week higher, driven by conventional purchase loans, and continue to run ahead of last year’s pace,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “After reaching $460,000 in March 2025, the purchase loan amount has fallen to its lowest level since January 2025 to $426,700. With the 30-year fixed rate still too high to benefit many borrowers, refinance applications were down almost three percent for the week.”

FHA loans accounted for 18.7% of total applications, down from 19% the prior week. VA loan applications remained unchanged at 12.6%, while the USDA share of total applications increased to 0.6% from 0.5% for the week.