Overview
- The average 30‑year fixed mortgage climbed to about 6.65% for the week ended May 22, a nine‑month high reported by the Mortgage Bankers Association and confirmed by multiple lenders.
- Mortgage applications fell 8.5% from the prior week because refinance requests plunged roughly 18%, pushing the refinance share to about 37.5%, the lowest level since June 2025.
- Freddie Mac’s May 28 Primary Mortgage Market Survey showed the 30‑year rate at 6.53%, reflecting continued volatility as Treasury yields and bond markets reacted to shifting ceasefire hopes.
- Purchase demand has held up better than refinances, dipping only modestly and running about 5% above last year, but activity is concentrated in higher‑balance loans with the average purchase loan near $473,600.
- Core housing data show modest price gains—FHFA reported single‑family prices up 0.1% in March and 1.7% year‑over‑year—while higher rates and inflation pressures tied to energy costs are eroding affordability and could cool sales further if tensions persist.