Mortgage Applications Decrease in Latest MBA Weekly Survey

WASHINGTON, D.C. (May 20, 2026) - Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 15, 2026.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 0.1 percent from the previous week and was 35 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 8 percent higher than the same week one year ago.

"Ongoing concerns around inflation from higher fuel costs, combined with rising concerns over global public debt, pushed Treasury yields higher in the U.S. and abroad last week. This resulted in higher mortgage rates across the board, with the 30-year fixed rate increasing to 6.56 percent, its highest level in seven weeks," said Joel Kan, MBA's Vice President and Deputy Chief Economist. "Overall applications were down to the lowest level in five weeks as purchase borrowers pulled back across conventional and government loan types. Refinance applications were essentially unchanged, with a decline in government refinances and an increase in conventional refinancing, likely as the increase in rates came late in the week."

Added Kan, "Almost 10 percent of applications were for ARM loans, the highest share since October 2025, as borrowers sought loan types with lower rates, given that the ARM rate was 80 basis points below the 30-year fixed rate."

The refinance share of mortgage activity increased to 41.9 percent of total applications from 40.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.6 percent of total applications.

The FHA share of total applications remained unchanged at 17.9 percent from the week prior. The VA share of total applications decreased to 14.4 percent from 14.9 percent the week prior. The USDA share of total applications decreased to 0.4 percent from 0.5 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 6.56 percent from 6.46 percent, with points decreasing to 0.60 from 0.63 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 6.58 percent from 6.48 percent, with points decreasing to 0.38 from 0.55 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.24 percent from 6.16 percent, with points decreasing to 0.67 from 0.75 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.93 percent from 5.83 percent, with points increasing to 0.73 from 0.68 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs increased to 5.76 percent from 5.70 percent, with points decreasing to 0.85 from 0.86 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

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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.