A modest decline in oil prices eased mortgage rates slightly, nudging the 30-year fixed conforming rate down two basis points to 6.57%. That was enough to lift purchase applications 1% for the week on a seasonally adjusted basis, while refinance activity edged down 1%, leaving the refinance share of total applications at 41.4%.
“Mortgage rates eased slightly last week as oil prices declined,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
“As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances.”
Purchase activity holds its ground
For brokers tracking buyer momentum, the purchase data offered reasons for cautious optimism. Purchase applications were 3% higher than the same week in 2025, extending what Kan described as “almost three months” of consecutive year-over-year growth.
Prospective buyers, he noted, are finding opportunities in markets where inventory has improved and home-price growth has begun to cool.