Refi Demand Improves While Purchase Applications Edge Lower

Mortgage applications decreased modestly last week, with overall volume slipping 1.2%. The Mortgage Bankers Association’s weekly survey showed a decline in the seasonally adjusted Composite Index for the week ending August 29, 2025. “Mortgage rates declined last week, with the 30-year fixed rate falling to its lowest level since April at 6.64 percent. However, that was not enough to spark more application activity,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Refinance applications saw a small increase, driven by FHA and VA refinances, but conventional refinances declined. Purchase activity pulled back, after a four-week run of increases, as slower homebuying activity led to declines in applications across loan types.” The Refinance Index rose 1% from the previous week and is 20% higher than the same week a year ago. The Purchase Index decreased 3% on a seasonally adjusted basis but remains 17% above last year’s level. The refinance share of total mortgage applications increased to 46.9%. ARM share rose to 8.8%. FHA share moved up to 19.9%, while VA share climbed to 13.8%. Mortgage Rate Summary: 30yr Fixed: 6.64% (from 6.69%) | Points: 0.59 (from 0.60) 15yr Fixed: 5.84% (from 6.03%) | Points: 0.84 (from 0.77) Jumbo 30yr: 6.58% (from 6.67%) | Points: 0.39 (from 0.44) FHA: 6.31% (from 6.35%) | Points: 0.74 (from 0.80) 5/1 ARM: 5.90% (from 5.94%) | Points: 0.34 (from 0.68)

September 3, 2025 Download our Mobile App: Download our Mobile App: Housing News Refi Demand Improves While Purchase Applications Edge Lower Mortgage applications decreased modestly last week, with overall volume slipping 1.2%. The Mortgage Bankers Association’s weekly survey showed a decline in the seasonally adjusted Composite Index for the week ending August 29, 2025. “Mortgage rates ... (read more) MBS Commentary Straightforward Data-Driven Rally Straightforward Data-Driven Rally It proved to be an incredibly straightforward day for the bond market.  Trading levels were roughly unchanged in early trading. Friendly Fed comments provided a modest b... (read more) Mortgage Rate Watch Mortgage Rates Officially Hit 11-Month Low October 3rd is a date that has come up many times in the past month of mortgage rate coverage. That's because there's been a veritable chasm between the rates on that day and every other day since then. Why? October 4th's jobs report caused an uncomm... (read more) Rob Chrisman Processing, AML, Prospecting Tools; Pennymac's Non-QM News; LOs and Database Importance “Twas the third of September, the day I’ll always remember… Wherever he laid his hat was his home, and when he died, all he left us was a loan…” Okay, maybe it was “alone.” Residential lenders aren’t alone out there. Our fates and fortunes often move... (read more) Mortgage Rates Mortgage Rates Officially Hit 11-Month Low 30 Yr. Fixed Rate 6.49% -0.04% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.49% -0.04 0.00 15 Yr. Fixed 5.85% -0.03 0.00 30 Yr. FHA 6.05% -0.04 0.00 30 Yr. Jumbo 6.42% -0.05 0.00 7/6 SOFR ARM 5.82% -0.09 0.00 30 Yr. VA 6.07% -0.03 0.00 Updates Daily - Last Update: 9/3 15 Yr. Fixed Rate 5.85% -0.03% Rate Change Points Freddie Mac 30 Yr. Fixed 6.56% -0.02 0.00 15 Yr. Fixed 5.69% 0.00 0.00 Updates Weekly - Last Update: 8/28 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 MBS / Treasuries Straightforward Data-Driven Rally UMBS 30YR 5.5 100.58 +0.14 Price / Yield Change MBS UMBS 5.0 98.65 +0.21 UMBS 5.5 100.58 +0.14 UMBS 6.0 102.16 +0.08 GNMA 5.0 99.01 +0.19 GNMA 5.5 100.71 +0.07 GNMA 6.0 101.99 +0.07 Pricing as of: 9/3 5:31PM EST 10 Year US Treasury 4.2206 -0.0384 Price / Yield Change US Treasury 2 YR Treasury 3.619 -0.019 5 YR Treasury 3.696 -0.026 7 YR Treasury 3.925 -0.033 10 YR Treasury 4.221 -0.038 30 YR Treasury 4.901 -0.056 Pricing as of: 9/3 5:31PM EST Latest Video Fed Governor Waller: Fed should start cutting at September meeting Job openings and labor turnover surprises to downside Fed Governor Christopher Waller: We should start cutting rates, can always ... Atlanta Fed President Bostic: Sees more inflation from tariffs to come poss... Around the Web Bureau of Labor and Statistics Job Openings Little Changed at 7.2 million CNBC Student loan borrowers pausing payments have doubled since 2024, expert calculates Calculated Risk Blog Q2 Update: Delinquencies, Foreclosures and REO Calculated Risk Blog Fed's Beige Book: "Little or no change in economic activity" CNBC Mortgage demand from homebuyers pulls back, after four weeks of gains Calculated Risk Blog BLS: Job Openings Decreased to 7.2 million in July CNBC What Trump's tariff loss in court means for shippers and the billions in trade duties collected by U.S. government Eye on Housing Open Construction Jobs Rise in July CNBC How one CRE giant is finding undervalued assets in unlikely areas CNBC U.S. Treasury yields little changed as markets await jobs data PR Newswire Manufacturing PMI® at 48.7%; August 2025 ISM® Manufacturing PMI® Report Eye on Housing June Private Residential Construction Spending Edges Higher Eye on Housing NAHB HBGI: Relative Gains for Smaller Markets, Particularly for Multifamily

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