Mortgage applications rise 1.7% as 30-year rate hits 6.46%

"Mortgage applications increased 1.7% from one week earlier, according to data from the Mortgage Bankers Association (MBA)'s weekly mortgage applications survey for the week ending May 8. On an unadjusted basis, the index increased 2% compared with the previous week. The refinance index decreased 1% from the previous week and was 28% higher than the same week one year ago. The seasonally adjusted purchase index increased 4% from one week earlier."

"Mortgage rates were generally higher last week, with the 30-year fixed rate at 6.46%, its highest level in five weeks, said Joel Kan, MBA's vice president and deputy chief economist. Purchase applications were higher over the week and 7% ahead of last year's pace, with all loan types showing increases in purchase activity, as potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market."

"Refinance applications declined slightly, led by conventional and VA refinancings, and accounted for a little more than 40% of applications last week, the lowest share since July 2025. The refi share of application activity decreased to 40.8% of total applications, down from 42% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8.8% of applications."

"The Federal Housing Administration (FHA) share of total applications increased to 17.9%, up from 17.7% the week prior. The U.S. Department of Veterans Affairs (VA) share remained unchanged at 14.9%, as did the U.S. Department of Agriculture (USDA) share at 0.5%. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased 1 basis point to 6.46%, and rates for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased 1 bps to 6.48%."

Mortgage applications increased 1.7% from the prior week in the Mortgage Bankers Association weekly survey for the week ending May 8. The unadjusted index rose 2% versus the previous week. The refinance index declined 1% and remained 28% higher than the same week a year earlier. The seasonally adjusted purchase index increased 4%, and the unadjusted purchase index rose 4% and was 7% higher than a year ago. Mortgage rates were generally higher, with the 30-year fixed rate at 6.46%, the highest in five weeks. Purchase applications were up across all loan types, while refinance applications fell slightly, reducing the refinance share to 40.8% of total applications. FHA share increased to 17.9%, VA share stayed at 14.9%, and USDA share stayed at 0.5%.

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