Mortgage application activity softened last week, with both purchase and refinance demand moving lower as mortgage rates climbed to their highest level in three weeks. The Mortgage Bankers Association (MBA) reported a 1.0% decrease in total application volume on a seasonally adjusted basis for the week ending August 21. Purchase applications were down 0.3% from the previous week on a seasonally adjusted basis and 5% below the same week one year ago. FHA applications accounted for much of the weekly decline, falling 7% . Refinance demand also lost some ground. The Refinance Index fell 2% from the previous week and remained 17% below year-ago levels. FHA and VA refinance applications saw particularly notable declines, while the average refinance loan size fell to its lowest level since June 2025. "Mortgage rates reached their highest level in three weeks, with the 30-year fixed rate up slightly to 6.78 percent. Mortgage rates have increased around 20 basis points over the past two months, which has dampened refinancing activity," said Joel Kan, MBA's Vice President and Deputy Chief Economist. Despite the pullback in refinancing, refinances accounted for a slightly larger share of overall activity, rising to 42.0% from 41.9% the previous week. The adjustable-rate mortgage (ARM) share also ticked higher, reaching 7.9% from 7.7%.

August 28, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.81% +0.06%   5.99% 6.85% 15 Yr. Fixed 6.35% +0.03%   5.55% 6.35% 30 Yr. Jumbo 6.90% +0.02%   6.1% 6.92% Compare Mortgage Rates from Local Lenders for Aug 28, 2026 Mortgage Rates Jump to 3-Week Highs After Jackson Hole Speech Fri, Aug 28, 2026 2:45PM Jackson Hole is a place in Wyoming, but it's also shorthand for an annual event where various central bankers get together and talk about monetary policy. The Fed Chair almost always delivers a speech and that speech occasionally causes volatility in the bond market. This year was a classic example. Fed Chair Warsh's speech focused on inflation remaining too high and on the Fed's commitment to getting inflation back down to 2.0% as measured by the annual change in the PCE Price Index (currently at 3.7%). Even if we use the most charitable methods to estimate annual PCE prices, the index would... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.81% +0.06 0.00 15 Yr. Fixed 6.35% +0.03 0.00 30 Yr. FHA 6.37% +0.03 0.00 30 Yr. Jumbo 6.90% +0.02 0.00 7/6 SOFR ARM 6.33% +0.03 0.00 30 Yr. VA 6.37% +0.02 0.00 Updates Daily - Last Update: 8/28 Freddie Mac Rate Change Points 30 Yr. Fixed 6.66% +0.01 0.00 15 Yr. Fixed 5.98% +0.03 0.00 Updates Weekly - Last Update: 8/27 Mortgage Bankers Assoc. 30 Yr. Fixed 6.78% +0.01 0.66 15 Yr. Fixed 6.10% +0.02 0.90 30 Yr. Jumbo 6.73% +0.02 0.50 Updates Weekly - Last Update: 8/26 UMBS 30YR 5.5 99.09 -0.34   98.89 101.64 UMBS 30YR 6.0 101.14 -0.33   101.05 102.75 10 YR Treasury 4.713 +0.042   3.948 4.736 Not The Payrolls You're Looking For Fri, Aug 28, 2026 9:43AM In an attempt to not force another "Warsh" or "Jackson Hole" headline (because it's a coin flip as to whether it will matter), the calendar offers up another event that is almost guaranteed not to matter. Despite the familiar name, today's nonfarm payrolls data is not the NFP you're looking for (that NFP will be out next Friday). Rather, this is the prelimin... (read more) MBS Price Change UMBS 5.0 96.66 -0.40 UMBS 5.5 99.09 -0.34 UMBS 6.0 101.14 -0.33 GNMA 5.0 97.04 -0.35 GNMA 5.5 99.41 -0.30 GNMA 6.0 101.41 -0.17 Pricing as of: 8/28 6:33PM EST US Treasury Yield Change 2 YR Treasury 4.343 +0.114 5 YR Treasury 4.483 +0.086 7 YR Treasury 4.594 +0.073 10 YR Treasury 4.713 +0.042 30 YR Treasury 5.205 +0.011 Pricing as of: 8/28 6:33PM EST Other News Mortgage Demand Remains Stalled as Rates Move Higher Fri, Aug 28, 2026 2:38PM Mortgage application activity softened last week, with both purchase and refinance demand moving lower as mortgage rates climbed to their highest level in three weeks. The Mortgage Bankers Association (MBA) reported a 1.0% decrease in total application volume on a seasonally adjusted basis for the week ending August 21. Purchase applications were down 0.... (read more) New Home Sales Give Back June's Gains Fri, Aug 28, 2026 2:35PM The new home market struggled to maintain the momentum seen in June, with sales falling sharply in July and inventory moving higher. The latest Census Bureau and HUD figures point to another month of uneven activity for builders, as buyers continue to contend with affordability constraints and elevated mortgage rates. Sales of new single-family homes fell t... (read more) Education, Underwriting, Processing Tools; Originators and Tech; Gov't Program Changes; Tech Survey Fri, Aug 28, 2026 11:45AM STRATMOR’s 2026 Technology Insight® Study Lender Intelligence Survey is now open, giving mortgage lenders a chance to share their firsthand experience with the technology that powers their businesses, and to help shape a clearer picture of what’s working, what isn’t, and where the industry is headed. The study reflects actual lender experience, providing an ... (read more) Latest Video Chicago Fed President Austan Goolsbee reacts to Fed Chairman Kevin Warsh's ... August Chicago PMI comes in at 47.1, the weakest number for the year Fed’s preferred inflation gauge shows core prices rose 3.3% annually in Jul... Watch CNBC's full interview with Kansas City Fed President Jeff Schmid Around the Web Investing Live Fed's Goolsbee: Agrees with Warsh that inflation is Fed's main issue right now The Budget Lab How to interpret the annual jobs revision CNBC Fed Chairman Kevin Warsh delivers his key Jackson Hole speech Friday. 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