Key facts
- Mortgage applications fell 0.4% in the week ending Aug. 14, 2026.
- The refinance index rose 2% week-over-week, while the purchase index fell 2%.
- Average 30-year fixed conforming mortgage rates held steady at 6.77%.
- The average refinance loan size decreased to $282,200, the lowest since June 2025.
- Xactus's Mortgage Intent Index increased 1.6% week-over-week but remains 10% below last year's level.
Mortgage applications saw a slight decrease of 0.4% in the week ending August 14, 2026, according to the Mortgage Bankers Association (MBA). The refinance index experienced a 2% increase, driven by conventional and VA loans, while FHA refinances declined. Purchase applications, however, decreased by 2% week-over-week and were also lower than the previous year's pace, with affordability challenges cited as a key reason for homebuyers delaying decisions.
The average loan size for refinances continued to shrink, reaching $282,200, the lowest point since June 2025. This suggests borrowers with larger loan amounts are less inclined to refinance at current higher rates.
Interest rates for most mortgage products remained relatively stable. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances stayed at 6.77%. Jumbo loan balances saw a slight increase to 6.71%. Rates for FHA-backed 30-year fixed mortgages edged up to 6.45%, while 15-year fixed rates and 5/1 ARMs saw modest decreases.
Separately, Xactus's Mortgage Intent Index, which tracks credit-pull activity, rebounded 1.6% week-over-week to 120.9. Despite this improvement, the index remains approximately 10% below its level from the same week last year. Officials noted that with rates remaining relatively stable, there has been little catalyst for increased borrower activity, and intent is expected to stay subdued through the Labor Day holiday due to seasonal factors.