Mortgage applications fall 4.4% as 30-year rate hits 6.45%

Mortgage applications fell 4.4% in the latest weekly survey from the Mortgage Bankers Association as higher borrowing costs continued to cool demand.

The MBA said the average 30-year fixed rate rose to 6.45% for the week ending May 1, 2026. Refinance applications fell 5% from the prior week, while the seasonally adjusted purchase index declined 4%.

The association said the refinance share of total applications slipped to 42.0%. It also said the average purchase loan size rose to a survey record of $467,300.

On a year-over-year basis, refinance applications were still 29% higher, but the weekly trend showed that rate pressure remains a headwind for both homebuyers and homeowners looking to refinance.

The new figures suggest mortgage demand remains sensitive to even small moves in rates, leaving the housing market tied closely to the next round of bond market and Federal Reserve signals.