Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. (June 3, 2026) - Mortgage applications decreased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 29, 2026. This week's results include an adjustment for the Memorial Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13 percent compared with the previous week. The Refinance Index decreased 2 percent from the previous week and was 20 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was 7 percent higher than the same week one year ago.

"The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week. The retreat in rates, however, did not lead to an increase in mortgage applications," said Joel Kan, CMB, MBA's Vice President and Deputy Chief Economist. "Purchase applications remained ahead of 2025's pace but were at its slowest weekly pace since April, and refinance activity was at its weakest since last June."

Added Kan, "The 30-year fixed rate decreased to 6.57 percent while the 5-year ARM rate inched up slightly, reflecting a flattening yield curve, as short-term rates are at risk of increasing while longer-term rates have dropped. Additionally, the ARM index decreased 12 percent over the week, and the ARM share dropped to 8.5 percent."

The refinance share of mortgage activity increased to 38.0 percent of total applications from 37.5 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.5 percent of total applications.

The FHA share of total applications decreased to 17.0 percent from 17.2 percent the week prior. The VA share of total applications increased to 14.4 percent from 13.2 percent the week prior. The USDA share of total applications remained unchanged at 0.5 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 6.57 percent from 6.65 percent, with points increasing to 0.67 from 0.65 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) decreased to 6.66 percent from 6.68 percent, with points decreasing to 0.35 from 0.42 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.26 percent from 6.31 percent, with points decreasing to 0.75 from 0.79 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.93 percent from 5.97 percent, with points decreasing to 0.76 from 0.84 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs increased to 5.82 percent from 5.81 percent, with points increasing to 0.88 from 0.82 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

If you would like to purchase a subscription of MBA's Weekly Applications Survey, please visit www.mba.org/WeeklyApps, contact [email protected] or click here.

The survey covers U.S. closed-end residential mortgage applications originated through retail and consumer direct channels. The survey has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, thrifts, and credit unions. Base period and value for all indexes is March 16, 1990=100.