Mortgage applications decreased 1% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending Aug. 21, 2026.
On an unadjusted basis, the index decreased 2% compared with last week.
The refinance index decreased 2% from the previous week and was 17% lower than the same week one year ago.
The seasonally adjusted purchase index decreased 0.3% from one week earlier, while the unadjusted purchase index decreased 2% compared with the previous week and was 5% lower than the same week one year ago.
“Mortgage rates reached their highest level in three weeks, with the 30-year fixed rate up slightly to 6.78%. Mortgage rates have increased around 20 basis points over the past two months, which has dampened refinancing activity,” said Joel Kan, CMB, MBA’s vice president and deputy chief economist. “Refinance applications decreased, particularly for FHA and VA loans, and the average loan size for refinances was at its lowest since June 2025.”
Added Kan, “Similarly, purchase activity was down over the week, driven by a 7% decrease in FHA applications. The purchase market has also slowed these past two months, with applications now 5% behind last year’s pace.”
The refinance share of mortgage activity increased to 42% of total applications from 41.9% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.9% of total applications.
The Federal Housing Administration(FHA) share of total applications decreased to 16.2% from 17.1% the week prior, while the U.S. Department of Veterans Affairs(VA) share of total applications increased to 12.8% from 12.6%. The U.S. Department of Agriculture(USDA) share of total applications remained unchanged at 0.5%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.78% from 6.77%. Rates for 30-year fixed-rate mortgages with jumbo loan balances increased to 6.73% from 6.71%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.46% from 6.45%, and rates fr 15-year fixed-rate mortgages increased to 6.1% from 6.08%. The average contract interest rate for 5/1 ARMs increased to 5.98% from 5.94%.
Xactus Mortgage Intent Index
Xactus’sMortgage Intent Index— which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — declined slightly week over week to a reading of 119.8.
Thomas Lloyd, Xactus’ chief strategy officer, noted that the index remained within the 119–120 range for the fourth consecutive week.
“On a year-over-year basis, the index was approximately 7.5% lower than the same week last year, an improvement from the roughly 10% and 11.5% declines recorded over the previous two weeks,” Lloyd said.
Lloyd added that while the narrower decline could be attributed to seasonal factors, it isn’t cause for concern. “The recent stabilization in weekly volumes provides a potential positive sign that intent may be leveling off despite continued pressure from the interest rate environment,” he said.