Mortgage applications increased 0.6 percent 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.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week and was 147 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 6 percent from one week earlier. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 31 percent higher than the same week one year ago.

“Purchase applications picked up almost 6 percent over the week to the strongest pace since September, despite mortgage rates increasing slightly, with the 30-year fixed rate rising to 6.34 percent,” 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.”

The refinance share of mortgage activity decreased to 55.6 percent of total applications from 57.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.8 percent of total applications.

The FHA share of total applications increased to 19.4 percent from 18.5 percent the week prior. The VA share of total applications decreased to 14.8 percent from 14.9 percent the week prior. The USDA share of total applications decreased to 0.2 percent from 0.3 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.34 percent from 6.31 percent, with points increasing to 0.62 from 0.58 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $806,500) increased to 6.46 percent from 6.43 percent, with points increasing to 0.38 from 0.33 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.14 percent from 6.13 percent, with points increasing to 0.76 from 0.73 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.70 percent from 5.65 percent, with points increasing to 0.64 from 0.61 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.50 percent from 5.56 percent, with points decreasing to 0.85 from 0.86 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.