Mortgage activity increased last week, as rates held steady in the mid-6% range, the Mortgage Bankers Association found. 

The MBA's Market Composite Index, a measure of mortgage loan application volume, increased 0.4% on a seasonally adjusted basis from one week prior for the week ending June 26, 2026. The Index increased 11% on an unadjusted basis. 

This comes after the index increased 1.0% the week before and decreased 3.8% two weeks prior.  

"Mortgage rates eased slightly last week as oil prices declined. As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances," said Joel Kan, MBA's vice president and deputy chief economist in a press release Wednesday. 

The Refinance Index declined 1% from the previous week and was 9% higher than the same week one year ago. The Purchase Index increased 11% on a seasonally adjusted basis from one week earlier. 

"Purchase applications remain ahead of 2025's pace and have exhibited year-over-year growth for almost three months, as prospective homebuyers are finding opportunities in markets with ample inventory and easing home-price growth," said Kan.

New-home purchase applications hit a record high in March, increasing 11% year over year, according to another Mortgage Bankers Association's monthly builders survey. Housing starts continue to tick downward as well as homebuilders work through unsold homes. 

Refinancing split between mortgages issued before and after 2022

Freddie Mac's 30-year FRM is 6.49% down from the same time last year at 6.77%.  Existing home sales have also reached a five-month high and the lower rate gives more space for people to refinance higher rates from previous years. 

Still, traditional mortgage refinancing is less attractive to many borrowers. So, instead of doing a full refinance, homeowners are increasingly taking out subordinate liens against the equity they have built up in their homes. 

The share of loans insured by the Federal Housing Administration relative to total applications  decreased to 16.9 percent from 17.9 percent the week prior. Loans backed by the VA d increased to 12.9 percent from 12.3 percent. Loans backed by the U.S. Department of Agriculture decreased to 0.4 percent from 0.5 percent the week prior.

Two of the five types of mortgages the MBA tracks saw a decrease in effective interest rates last week compared with the week prior:

• 30-year fixed rate mortgages with jumbo loan balances  
• 30-year fixed rate mortgages with conforming loan balances