Mortgage Applications Increase in Latest MBA Weekly Survey

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Mortgage applications increased 1.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 8, 2026. 

The Market Composite Index, a measure of mortgage loan application volume, increased 1.7% on a seasonally adjusted basis from one week earlier.  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. The unadjusted Purchase Index increased 4% compared with the previous week and was 7% higher than the same week one year ago.

“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 refinance share of mortgage activity decreased to 40.8% of total applications from 42% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8.8% of total applications.

The FHA share of total applications increased to 17.9% from 17.7% the week prior. The VA share of total applications remained unchanged at 14.9% from 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 6.46% from 6.45%, with points decreasing to 0.63 from 0.66 (including the origination fee) for 80% loan-to-value ratio (LTV) loans.  The effective rate remained unchanged from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 6.48% from 6.47%, with points increasing to 0.55 from 0.47 (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 6.16% from 6.12%, with points increasing to 0.75 from 0.74 (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 remained unchanged at 5.83%, with points decreasing to 0.68 from 0.73 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs increased to 5.7% from 5.6%, with points increasing to 0.86 from 0.83 (including the origination fee) for 80% 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 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.