Mortgage Applications Decrease in Latest MBA Weekly Survey

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Mortgage applications decreased 4.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 1, 2026. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.4% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 4% compared with the previous week.  The Refinance Index decreased 5% from the previous week and was 29% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 5% higher than the same week one year ago.

“The ongoing conflict in the Middle East continues to push rates higher. Mortgage rates last week increased to their highest level in a month, with the 30-year fixed rate rising to 6.45%,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “As expected, elevated rates and shrinking refinance incentives continued to weigh on activity, with refinance applications declining again from the prior week – most notably for conventional and VA loans. The refinance share of applications was the lowest since August 2025.”

Added Kan, “Despite purchase applications declining over the week, overall activity remains higher compared to last year’s pace. Additionally, the average loan size on a purchase application increased to $467,300, the highest in the survey’s history dating back to 1990. This increase could indicate that potential first-time buyers, and buyers looking for homes at lower price points, might be the most hesitant to move forward given the economic uncertainty and higher rates.”

The refinance share of mortgage activity decreased to 42% of total applications from 42.5% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.8% of total applications.

The FHA share of total applications increased to 17.7% from 17.2% the week prior. The VA share of total applications decreased to 14.9% from 15% the week prior. The USDA share of total applications remained unchanged at 0.5% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) increased to 6.45% from 6.37%, with points increasing to 0.66 from 0.61 (including the origination fee) for 80% 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 6.47% from 6.45%, with points increasing to 0.47 from 0.38 (including the origination fee) for 80% 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 6.12% from 6.09%, with points increasing to 0.74 from 0.71 (including the origination fee) for 80% LTV loans.  The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 5.83% from 5.77%, with points increasing to 0.73 from 0.63 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.60% from 5.66%, with points decreasing to 0.83 from 0.96 (including the origination fee) for 80% LTV loans.  The effective rate decreased from last week.

If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit www.mba.org/WeeklyApps or contact mbaresearch@mba.org.

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.