Mortgage apps, refi activity drop during holiday week

Mortgage applications decreased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending November 28, 2025. The results include an adjustment for the Thanksgiving holiday.

On an unadjusted basis, the index decreased 33% compared with the previous week.

The refinance index decreased 4% from the previous week and was 109% higher than the same week one year ago. The refinance share of mortgage activity decreased to 53.0% of total applications from 53.4% the previous week.

The seasonally adjusted purchase index increased 3% from one week earlier. The unadjusted purchase index decreased 32% compared with the previous week and was 17% higher than the same week one year ago.

“Mortgage rates moved lower in line with Treasury yields, which declined on data showing a weaker labor market and declining consumer confidence. The 30-year fixed mortgage rate declined to 6.32% after steadily increasing over the past month,” said Joel Kan, MBA’s vice president and deputy chief economist. “After adjusting for the impact of the Thanksgiving holiday, refinance activity decreased across both conventional and government loans, as borrowers held out for lower rates. Purchase applications were up slightly, but we continue to see mixed results each week as the broader economic outlook remains cloudy, even as cooling home-price growth and increasing for-sale inventory bring some buyers back into the market.”

The adjustable-rate mortgage (ARM) share of activity increased to 8.0% of total applications. All loan products other than ARMs saw decreases; the Federal Housing Administration (FHA) share of total applications decreased to 18.3% from 18.8% the week prior, the U.S. Department of Veterans Affairs (VA) share of total applications decreased to 15.0% from 15.4% and the U.S. Department of Agriculture (USDA) share of total applications decreased to 0.3% from 0.4%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 6.32% from 6.40% and the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances decreased to 6.40% from 6.49%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.12% from 6.15% and interest rates for 15-year fixed-rate mortgages decreased to 5.73% from 5.80%. Rates for 5/1 ARMs decreased to 5.40% from 5.44%.