US 30-Year Mortgage Rates Ease Slightly

Mortgage rates eased slightly last week after five consecutive weekly increases, with the average rate on 30-year fixed mortgages for conforming loans of $832,750 or less standing at 6.57% in the week ended May 29, according to the Mortgage Bankers Association. The modest decline was driven by expectations of lower energy prices as developments in the Middle East improved sentiment in bond markets. Despite the slight relief in borrowing costs, mortgage demand remained weak. Total mortgage application volume fell 2.5% from the previous week, with refinance applications down 2.3% and purchase applications slipping 2.9%.

The average US 30-year fixed mortgage rate for conforming loans of $806,500 or less rose to 6.65% in the week ending May 22, 2026, from 6.56% the prior week, the highest level since August 2025, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Rates increased for the fifth consecutive week, tracking higher Treasury yields amid persistent inflation concerns from elevated fuel costs and rising global public debt, prompting investors to rule out Fed rate cuts and price in a potential hike by year-end. Consequently, mortgage applications dropped 8.5%, the sharpest decline in nearly two months, with refinance applications plummeting 18.1% and purchase applications slipping 0.4%.

The average US 30-year fixed mortgage rate for conforming loans of $806,500 or less jumped by 10bps to 6.56% in the week ending May 15th, 2026, from 6.46% the previous period and reaching its highest level in seven weeks, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Mortgage rates went up for a fourth consecutive week, tracking Treasury yields higher amid “ongoing concerns around inflation from higher fuel costs combined with rising concerns over global public debt” said Joel Kan, an MBA economist. As a result, mortgage applications declined 2.3%, reversing a 1.7% rise in the previous period, with applications to purchase a home slumping 4.1% and those to refinance a home loan edging down 0.1%. “Overall applications were down to the lowest level in five weeks as purchase borrowers pulled back across conventional and government loan types,” added Kan.