WASHINGTON, September 2, 2026, 14:25 (EDT) — U.S. mortgage purchase applications increased by 2% this week with the 30-year fixed mortgage rate at 6.79%.
- The rate for a conforming 30-year mortgage increased by one basis point to 6.79%.
- Purchase applications rose by 2%, while refinancing applications declined 1% and stayed 19% lower compared to a year ago.
- Monthly principal and interest payments on a $400,000 loan at 6.79% total roughly $2,605.
Applications for U.S. home-purchase mortgages increased by 2% last week, despite the primary contract rate rising to 6.79%. The Mortgage Bankers Association reported the change for the week ending August 28. For further details, see the association’s announcement.
The divide impacts mortgage investors and lenders. Demand for home purchases is proving more resilient than refinancing, which is still very sensitive to interest rate changes.
Lender pricing remained elevated on Wednesday. Bankrate’s national average for a 30-year purchase mortgage was 6.75% at 06:30 EDT, with the jumbo average at 6.84% Bankrate.
U.S. purchase mortgage rates
· national averages
Unit: interest rate, excluding APR. Source: Bankrate national survey.
“Mortgage rates climbed to their highest point in four weeks,” said MBA chief economist Mike Fratantoni. Fratantoni attributed this increase to ongoing worries over inflation, deficits, and higher global yields.
Additional listings seem to be assisting transactions. The adjustable-rate portion increased to 8.0%, reaching a five-week high, according to the MBA.
Weekly mortgage-demand split
Seasonally adjusted change, week ended August 28
Source: MBA Weekly Mortgage Applications Survey, released September 2, 2026.
The proportion of refinancing fell to 41.8% from 42.0%. Although the weekly shift was minor, the refinance index was 19% lower compared to a year ago.
An alternative weekly indicator showed a marginal decline. Freddie Mac reported the average 30-year rate at 6.66% on August 27, an increase from 6.65% the previous week.
The impact on payments is clear. For a $400,000 loan over 30 years at a 6.79% rate, monthly principal and interest total approximately $2,605.
Monthly payment sensitivity
$400,000 principal, 30-year fixed loan; principal and interest only
Calculated using standard amortization. Rate anchors: MBA and Freddie Mac. Taxes, insurance and fees excluded.
The main route of transmission continues to be Treasury yields. The 10-year yield neared 4.8% amid worries over oil prices and inflation, weighing on bonds NerdWallet.
For originators, the composition matters more than the headline increase. The average loan amount declined by 0.9% to $372,500, and overall applications remained 9.2% lower than the same period last year Haver Analytics.
Risks: Weekly application figures fluctuate and are not the same as finalized home purchases. Methodologies between surveys vary, meaning rate comparisons should be approached with caution.
The upcoming rate update is due Thursday at noon EDT. Freddie Mac’s weekly report will indicate if bond market tension from Wednesday affected loan offers to borrowers.
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