Key facts
- Mortgage applications rose 3.6% in the week ending August 7, 2026.
- The refinance index increased 5% week-over-week.
- The purchase index increased 3% week-over-week.
- The average rate for a 30-year fixed mortgage fell to 6.77%.
- Xactus's Mortgage Intent Index decreased 0.7% week-over-week.
Mortgage applications saw a 3.6% increase from the previous week, driven by a slight dip in interest rates. The Mortgage Bankers Association's survey for the week ending August 7, 2026, indicated that both refinance and purchase applications saw gains.
The refinance index climbed 5% week-over-week, though it remained 22% lower than the same period last year. The share of refinance activity in total mortgage applications rose to 40.7% from 39.9%.
The seasonally adjusted purchase index also rose by 3% compared to the prior week. However, the unadjusted purchase index was 1% lower than the same week in the previous year.
Joel Kan, vice president and deputy chief economist at the MBA, attributed the increase to a brief decline in mortgage rates, which fell four basis points to 6.77% for the 30-year fixed rate. He noted that while rates offered a temporary reprieve, the overall pace of applications has fallen below last year's levels, with refinance incentives diminishing.
Activity across all mortgage product types remained unchanged week-over-week. Adjustable-rate mortgages (ARMs) held steady at 7.9% of total applications, while the FHA share remained at 17.3%, the VA share at 12.3%, and the USDA share at 0.5%.
Specific rates showed a decrease for 30-year fixed-rate mortgages with conforming loan balances (to 6.77% from 6.81%) and jumbo loan balances (to 6.68% from 6.72%). Rates for FHA-backed 30-year fixed-rate mortgages were unchanged at 6.43%, while 15-year fixed-rate mortgages decreased to 6.10% and 5/1 ARMs to 5.99%.
In contrast, Xactus's Mortgage Intent Index, which tracks credit-pull activity, declined slightly by 0.7% week-over-week to 119.0. Thomas Lloyd, Xactus' chief strategy officer, noted that this index was 11.7% below the same week last year, indicating a widening year-over-year decline, despite a modest weekly drop.