July 2025 saw a 3% month-over-month (MoM) drop in overall rate lock volume, led by a nearly 5% drop in purchase activity as affordability remained strained. That’s according to Optimal Blue‘s July 2025 Market Advantage mortgage data report, released on Tuesday.

The report found that mortgage rates rose in July across all loan types, with the Optimal Blue Mortgage Market Indices (OBMMI) 30-year conforming fixed rate up 5 bps to 6.72%.

FHA, VA and jumbo rates increased to 6.50%, 6.33%, and 6.89%, respectively. Purchase volume was flat YoY, while cash-out and rate-and-term refinance locks climbed 5% and 7%, helping details ⇒

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