➤ Key Highlights

• Mortgage applications decreased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending November 28, 2025.

• On an unadjusted basis, the index decreased 33% compared with the previous week.

• The refinance index decreased 4% from the previous week and was 109% higher than the same week one year ago.

• The refinance share of mortgage activity decreased to 53.0% of total applications from 53.4% the previous week.

• The seasonally adjusted purchase index increased 3% from one week earlier.

• The unadjusted purchase index decreased 32% compared with the previous week and was 17% higher than the same week one year ago.

• The adjustable-rate mortgage (ARM) share of activity increased to 8.0% of total applications.

• The Federal Housing Administration (FHA) share of total applications decreased to 18.3% from 18.8% the week prior, the U.S. Department of Veterans Affairs (VA) share of total applications decreased to 15.0% from 15.4% and the U.S. Department of Agriculture (USDA) share of total applications decreased to 0.3% from 0.4%.
  

Mortgage applications declined during the week ending November 28, 2025, both on an adjusted and unadjusted basis. The refinance index also dropped from the previous week, while the ARM share of applications increased and government-backed loan shares declined.

Shifting borrower preferences and demand patterns often reveal how individuals and entities respond to changing financing conditions. As economic factors and lending criteria evolve, market participants may alter their product choices, such as favoring adjustable-rate mortgages or reducing reliance on government-backed loans. These adjustments can indicate responsiveness to both perceived risks and opportunities in the broader economic landscape. The collective movement in application types reflects how demand is shaped by ongoing changes in the financing environment.

⚠️ Why it matters now

For CRE360’s audience, understanding borrower demand and product selection is crucial for anticipating shifts in capital flow and project feasibility. The lens of shifting demand patterns highlights the need for developers, capital providers, and other stakeholders to monitor how financing conditions influence market absorption. Awareness of these dynamics supports proactive planning in underwriting and operations.

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➤ TAKEAWAY

Continued monitoring of borrower activity could reveal further adjustments in product preferences as economic and rate environments evolve. Stakeholders may observe ongoing changes in the mix of loan types, providing additional insights into how market participants navigate financing challenges. These developments may inform future approaches to project planning and capital allocation.