Mortgage applications decreased last week, giving back some of the gains from the prior period, according to data from the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, fell 2.7% on a seasonally adjusted basis for the week ending June 12, 2026.
The decline was driven by a drop in refinance activity, which fell 4% from the previous week, while purchase applications decreased 1%. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.89% from 6.83% the prior week, according to the MBA survey.
“Mortgage rates edged higher last week, which led to a pullback in application activity, particularly for refinances,” said Joel Kan, MBA’s vice president and deputy chief economist. “Despite the recent volatility, purchase demand remains relatively stable, supported by a resilient housing market.”
