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

Mortgage applications decreased 4.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending May 1, 2026.

On an unadjusted basis, the index decreased 4% compared with the previous week.

The refinance index decreased 5% from the previous week and was 29% higher than the same week one year ago.

The seasonally adjusted purchase index decreased 4% from one week earlier. The unadjusted purchase index decreased 3% compared with the previous week and was 5% higher than the same week one year ago.

“The ongoing conflict in the Middle East continues to push rates higher. Mortgage rates last week increased to their highest level in a month, with the 30-year fixed rate rising to 6.45%,” said Joel Kan, MBA’s vice president and deputy chief economist. “As expected, elevated rates and shrinking refinance incentives continued to weigh on activity, with refinance applications declining again from the prior week – most notably for conventional and VA loans. The refinance share of applications was the lowest since August 2025.”

Added Kan, “Despite purchase applications declining over the week, overall activity remains higher compared to last year’s pace. Additionally, the average loan size on a purchase application increased to $467,300, the highest in the survey’s history, dating back to 1990. This increase could indicate that potential first-time buyers, and buyers looking for homes at lower price points, might be the most hesitant to move forward given the economic uncertainty and higher rates.”

The refinance share of mortgage activity decreased to 42.0% of total applications from 42.5% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8.8% of total applications.

By product, the Federal Housing Administration (FHA) share of total applications increased to 17.7% from 17.2% the week prior. The U.S. Department of Veterans Affairs (VA) share of total applications decreased to 14.9% from 15.0% the week prior, and the U.S. Department of Agriculture (USDA) share of total applications remained unchanged at 0.5% from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $832,750) increased to 6.47% from 6.45%, and rates for 30-year fixed-rate mortgages backed by the FHA increased to 6.12% from 6.09%.

Rates for 15-year fixed-rate mortgages increased to 5.83% from 5.77%, while rates for 5/1 ARMs decreased to 5.60% from 5.66%.

Xactus Mortgage Intent Index

Xactus‘s Mortgage Intent Index — which analyzes aggregated, anonymized credit-pull activity across the Xactus Intelligent Verification Platform — decreased to a reading of 135.4.

“Rising interest rates continue to present headwinds for mortgage intent volumes. Weekly intent declined approximately 3.5% from the prior week and, on an annual basis, reversed the positive year-over-year trend of the previous two weeks, coming in roughly 2.8% below the same week last year,” said Thomas Lloyd, Xactus’ chief strategy officer.

He continued, “For the month of April, the Xactus Mortgage Intent Index registered 142.0 — a decline of approximately 5.88% from March 2026 and 2.5% lower than April 2025.”