The Mortgage Bankers Association reported a 2.2% decline in total mortgage application volume for the week ending July 3, 2026, with results adjusted for the Independence Day holiday.
Borrowers seeking conforming loans saw their costs tick up slightly, with the 30-year fixed rate climbing one basis point to land at 6.58%, according to the MBA
Rates have remained in a tight range for more than a month, according to CNBC. On a year-over-year basis, refinance volume held 8% above last year’s comparable week, even as it slid 4% from the prior week. Purchase applications also retreated, slipping 1% from the week before while still running 5% ahead of where they stood twelve months ago, the MBA said. “Refinance application volume was down 4 percent, as homeowners saw little enticement to act with rates still elevated,” Mike Fratantoni, the MBA’s senior vice president and chief economist, said in a statement.
Not all loan categories declined. Among purchase loan types, VA applications stood out, posting a 5% weekly gain that lifted overall government purchase volume even as conventional purchase activity moved in the opposite direction, the MBA said. The VA share of total applications increased to 13.0% from 12.9% the prior week.