Overview
- The Mortgage Bankers Association reported that in the week ended May 22 the average 30‑year fixed rate rose to about 6.65 percent and total mortgage applications fell 8.5 percent.
- Refinance applications dropped roughly 18 percent for the week and the refinance share fell to about 37.5–38 percent, its lowest level since June 2025.
- Purchase activity was only modestly lower week‑over‑week and remained about 5 percent above last year, with the average purchase loan size reaching a survey high of about $473,600.
- Analysts link the rise in rates to higher 10‑year Treasury yields driven by the U.S.-Israel war with Iran and higher oil prices that raise inflation expectations.
- Official data show single‑family house prices edged up 0.1 percent in March and 1.7 percent year‑over‑year, but sustained price gains could be capped if rates stay in the mid‑6 percent range and Fed policy expectations shift.