Purchase applications rebound nearly 6% from last week

Mortgage applications increased 0.6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending November 7, 2025.

On an unadjusted basis, the index decreased 1% compared with the previous week.

The seasonally adjusted purchase index increased 6% from one week earlier. The unadjusted purchase index increased 3% compared with the previous week and was 31% higher than the same week one year ago.

“Purchase applications picked up almost 6% over the week to the strongest pace since September, despite mortgage rates increasing slightly, with the 30-year fixed rate rising to 6.34%,” said Joel Kan, MBA’s vice president and deputy chief economist. “Purchase applications for conventional, FHA and VA loans increased, as potential homebuyers continue to shop around, particularly in markets where inventory has increased and sales price growth has slowed. Based on the unadjusted purchase index for the week, this was the strongest start to November since 2022.”

Added Kan, “Higher mortgage rates did quell some refinance activity, as conventional and VA refinance applications declined over the week, and the average loan size for refinances dropped to its lowest level in over a month.”

Refinance index and ARMs activity drop

The refinance index decreased 3% from the previous week and was 147% higher than the same week one year ago. The refinance share of mortgage activity decreased to 55.6% of total applications from 57.0% last week.

The adjustable-rate mortgage (ARM) share of activity decreased to 7.8% of total applications.

The Federal Housing Administration (FHA) share of total applications increased to 19.4% from 18.5% the week prior, the U.S. Department of Veterans Affairs (VA) share of total applications decreased to 14.8% from 14.9%, and the U.S. Department of Agriculture (USDA) share of total applications decreased to 0.2% from 0.3%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.34% from 6.31%. Interest rates for jumbo mortgages increased to 6.46% from 6.43%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.14% from 6.13% and rates for 15-year fixed-rate mortgages increased to 5.70% from 5.65%. Meanwhile, 5/1 ARMs decreased to 5.50% from 5.56%.