WASHINGTON — Mortgage applications declined for a second consecutive week as borrowing costs moved higher, according to the Mortgage Bankers Association.
The Mortgage Bankers Association said its Weekly Mortgage Applications Survey showed total mortgage application activity fell 4.4% for the week ending May 1 compared with the previous week. Despite the decline, overall application volume remained 14.9% above year-ago levels.
According to the MBA, the seasonally adjusted index fell to 285.3, the lowest level in three weeks and the steepest weekly decline since late March.
Purchase applications also weakened, falling 3.7% from the prior week, though they were still 5.1% higher than a year earlier. Refinance applications dropped 5% week-over-week but remained up 28.8% from the same period in 2025, the MBA reported.
What the Data Show
The MBA said mortgage rates increased across most major loan categories during the week:
- The average rate for a 30-year fixed-rate mortgage rose to 6.64% from 6.54%.
- Rates on 15-year fixed-rate mortgages increased to 6.01% from 5.92%.
- The average rate for 30-year jumbo loans climbed to 6.60% from 6.56%.
- The average rate for a 5-year adjustable-rate mortgage fell to 5.90% from 6.02%.
The refinance share of total mortgage activity slipped to 42% from 42.5%, marking the eighth decline in nine weeks and the lowest level since August 2025, according to the MBA.
Meanwhile, adjustable-rate mortgages accounted for 8.8% of total applications, up from 8.3% the prior week.
Loan Sizes Rise
The MBA also reported that average loan sizes continued to rise:
- The average mortgage loan size increased 0.7% to $410,900.
- The average purchase loan amount rose 1.5% to a record-high $467,300.
- The average refinance loan size fell 1.3% to $332,800.
The MBA survey, conducted weekly since 1990, covers approximately 75% of all U.S. retail residential mortgage applications and includes responses from mortgage bankers, commercial banks and thrift institutions.
