Mortgage Activity Flat in June, ARM Share Decreases

Mortgage applications remained essentially flat in June 2026 with a 0.3% month-over-month decline, driven by a 2.5% drop in refinancing applications that offset a 0.7% gain in purchase applications, while the 30-year fixed-rate mortgage average contract rate increased 5 basis points to 6.59%. Adjustable-rate mortgage (ARM) applications declined 9.4% during the month, reducing the ARM share of total applications to 8.2%, and the overall average loan size decreased 3.4% to $393,800.