US Mortgage Rates Edge Higher: MBA

The average US 30-year fixed mortgage rate for conforming loans of $806,500 or less increased to 6.6% in the week ended June 5th 2026 from 6.57% in the previous period. “Mortgage rates were volatile last week as news from the Middle East continues to drive markets. While the average rate was up slightly, there were opportunities where borrowers were seeing somewhat lower rates”, according to Mike Fratantoni, MBA’s SVP. Meanwhile, mortgage applications soared 10.8%, the first rise in four weeks and the biggest since the last week of February. Applications to refinance a home loan rose 15% and applications for a mortgage to purchase a home went up 7%.

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%.