Mortgage applications decreased 3.8% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending June 12, 2026.

On an unadjusted basis, the index decreased 5% compared with the previous week.

The refinance index decreased 5% from the previous week and was 17% higher than the same week one year ago. The seasonally adjusted purchase index decreased 3% from one week earlier, and the unadjusted purchase index decreased 5% compared with the previous week and was 3% higher than the same week one year ago.

“Last week’s CPI data showed that inflation continued to move higher, putting upward pressure on rates early in the week, but growing optimism regarding the opening of the Strait of Hormuz brought rates down again by the end of the week,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “The net impact reduced mortgage application activity, with both purchase and refinance application volume down for the week by 3% and 5%, respectively. Purchase applications continue to run modestly ahead of last year, with last week’s volume up 3% on an annual basis, with stronger growth in conventional purchase volume while government purchase volume remained subdued.”

The refinance share of mortgage activity increased to 40.3% of total applications from 40.2% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.5% of total applications.

The Federal Housing Administration (FHA) share of total applications increased to 17.5% from 17.4% the week prior, while the U.S. Department of Veterans Affairs (VA) share of total applications decreased to 12.9% from 13.4% the week prior. The U.S. Department of Agriculture (USDA) share of total applications remained unchanged from the week prior at 0.4%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances remained unchanged from 6.60% and rates for jumbo loan balances decreased to 6.62% from 6.66%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.25% from 6.27%, while rates for 15-year fixed-rate mortgages increased to 6.02% from 5.99%. The average contract interest rate for 5/1 ARMs decreased to 5.86% from 5.96%.

Xactus Mortgage Intent Index

Xactus‘s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — increased to a reading of 132.9, an increase from the previous week’s reading of 134.8.

“The Xactus Mortgage Intent Index (XMII) returned to positive year-over-year growth after six consecutive weeks of annual declines, providing an encouraging signal for mortgage demand following an underwhelming spring homebuying season,” said Thomas Lloyd, Xactus’ chief strategy officer. “While mortgage rates remained relatively unchanged from the prior week, the index declined approximately 1.4% week over week, underscoring the continued sensitivity of borrower activity to the rate environment.”

Lloyd noted that the index turned positive on a month-over-month basis, ending a 12-week streak in which four-week activity levels trailed the comparable prior period.

“While still too early to indicate sustained recovery, the improvement in both year-over-year and month-over-month trends suggests that pent-up demand may be beginning to re-enter the market. Should mortgage rates ease in the coming weeks, the latest XMII reading should serve as an early indication of strengthening mortgage activity,” he said.

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