Mortgage applications rebounded slightly last week after mortgage volume hit an eight-year low in the week prior, the Mortgage Bankers Association said Wednesday.
The MBA said mortgage applications ticked up 7.5 percent for the week ended August 29th, although applications are still down 27 percent year-over-year,
Home purchase applications ticked up 10.5 percent last week, boosting overall mortgage application volume. Refinance applications saw a smaller increase, up 2.1 percent compared with the week prior.
The Government Purchase Index, largely FHA loans, increased nearly 20 percent week-over-week.
Refinanced mortgages made up 34.0 percent of all mortgages, down from 35.2 percent last week. Also, fewer applications were made for adjustable rate mortgages, which slipped to 6.6 percent from 7.9 percent last week.
Interest rates decreased for both the ARM and the 30-year fixed rate mortgages, although they increased for the 15-year fixed-rate mortgages.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.39 percent from 6.44 percent, and the average contract interest rate for one-year ARMs decreased to 7.11 percent from 7.15 percent.
The average contract interest rate for 15-year fixed-rate mortgages increased to 5.96 percent from 5.94 percent.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.