Mortgage Applications Rise 1.0% As Rates Hold Near 6.6%

Mortgage applications increased 1.0% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending June 19, 2026. This week’s results include an adjustment for the Juneteenth holiday.

On an unadjusted basis, the index decreased 10% compared with the previous week.

The refinance index increased 3% from the previous week and was 17% higher than the same week one year ago. The seasonally adjusted purchase index decreased 1% from one week earlier, and the unadjusted purchase index decreased 12% compared with the previous week and was 3% higher than the same week one year ago.

“Mortgage rates changed little over the course of last week, despite the more hawkish tone from the FOMC at its June meeting,” said Mike Fratantoni, MBA’s SVP and chief economist. “Purchase application volume edged slightly lower, while refinance activity posted modest gains. Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8% above year-ago levels.”

The refinance share of mortgage activity increased to 41.5% of total applications from 40.3% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.2% of total applications.

The Federal Housing Administration (FHA) share of total applications increased to 17.9% from 17.5% the week prior. The U.S. Department of Veterans Affairs (VA) share of total applications decreased to 12.3% from 12.9% the week prior, while the U.S. Department of Agriculture (USDA) share of total applications increased to 0.5% from 0.4%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 6.59% from 6.60% and rates for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 6.52% from 6.62%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged at 6.25% and the average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 6.02%. The average contract interest rate for 5/1 ARMs decreased to 5.68% from 5.86%.

Xactus Mortgage Intent Index

Xactus‘s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — decreased week over week to a reading of 119.1, a change of -10.38%.

“The Xactus Mortgage Intent Index declined approximately 10% from the prior week, largely reflecting the impact of the Juneteenth holiday. On a year-over-year basis, the index was approximately 2% lower than the same week last year, which may also have been influenced by the holiday creating a long weekend,” said Thomas Lloyd, Xactus’ chief strategy officer.

Lloyd continued, “Overall, mortgage intent remains subdued as interest rates have remained relatively unchanged over the past month, providing little catalyst for a meaningful increase in borrower activity.”