Key facts
- Mortgage applications decreased 1% for the week ending August 21, 2026.
- Refinance applications dropped 2% from the prior week.
- Purchase applications saw a 0.3% decrease week-over-week.
- The average rate for a 30-year fixed-rate mortgage rose to 6.78%, the highest in three weeks.
- FHA loan applications for purchases decreased by 7%.
Mortgage applications saw a 1% decrease in the week ending August 21, 2026, according to the Mortgage Bankers Association (MBA). Refinancing activity declined by 2%, reaching its lowest average loan size since June 2025, attributed to mortgage rates hitting a three-week high of 6.78%. Purchase applications also experienced a slight dip of 0.3% week-over-week, with FHA applications down 7% and overall purchase applications lagging behind last year's pace by 5%.
The refinance share of mortgage activity edged up to 42%, while the adjustable-rate mortgage (ARM) share increased to 7.9%. The FHA's share of total applications decreased to 16.2%, though the VA's share saw a slight increase to 12.8%.
Separately, Xactus' Mortgage Intent Index, which tracks credit-pull activity, declined slightly week-over-week to 119.8. While this reading remained stable for the fourth consecutive week, it was approximately 7.5% lower year-over-year. Despite continued pressure from interest rates, the stabilization in weekly volumes suggests that mortgage intent may be leveling off.