Mortgage applications climb 3.6% after slight drop in rates

Mortgage applications increased 3.6% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications survey for the week ending August 7, 2026. On an unadjusted basis, the index increased 3% compared with the previous week. The refinance index increased 5% from the previous week, but was 22% lower than the same week one year ago. The refinance share of mortgage activity increased to 40.7% of total applications from 39.9% last week. The seasonally adjusted purchase index increased 3% from one week earlier. The unadjusted purchase index increased 2% compared with the previous week and was 1% lower than the same week one year ago. “After five consecutive weeks of increases, mortgage rates declined slightly last week as oil prices dipped briefly on the hopes of a sustained resolution to the war in Iran. The 30-year fixed rate decreased four basis points but remained close to its highest level in a year at 6.77%,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “The reprieve in rates supported an increase in both purchase and refinance applications over the week, although the pace of applications has fallen below l...