Mortgage applications declined last week, reversing some of the prior period’s gains as rates climbed to their highest level in a month. The Mortgage Bankers Association (MBA) reported a 4.4% decrease on a seasonally adjusted basis for the week ending May 1. The decline was broad-based, with both purchase and refinance activity moving lower. The Refinance Index fell 5% from the previous week but remained 29% higher than the same week one year ago. Meanwhile, the seasonally adjusted Purchase Index decreased 4% week over week and was still 5% above last year’s level. In the bigger picture, purchase apps remain closer to the highest levels of the past few years. The average 30-year fixed mortgage rate increased to 6.45% from 6.37%, marking the highest reading in a month and weighing on overall application volume. Higher borrowing costs, driven in part by ongoing geopolitical tensions, continue to limit refinance incentives while creating some hesitation among prospective buyers. MBA’s Joel Kan said, " Mortgage rates last week increased to their highest level in a month... elevated rates and shrinking refinance incentives continued to weigh on activity... The refinance share of applications was the lowest since August 2025. " Kan also noted that while purchase activity softened on a weekly basis, it remains above last year’s pace. The average purchase loan size rose to a record $467,300 , suggesting that higher-priced segments may be driving activity while some entry-level buyers hold back amid affordability pressures.

May 8, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.42% -0.02%   5.99% 7.08% 15 Yr. Fixed 5.99% -0.01%   5.55% 6.39% 30 Yr. Jumbo 6.59% +0.00%   6.1% 7.15% Compare Mortgage Rates from Local Lenders for May 8, 2026 Mortgage Rates End Week Slightly Lower Fri, May 8, 2026 1:52PM It ended up being a decent round trip for rates this week. Monday kicked things off with a jump to the highest level in more than a month, and the third highest since August 2025. But that ended up being the only day where rates went higher.  Wednesday brough the biggest chunk of the recovery with MND's daily rate index dropping 0.10%.  Tuesday and Friday (today) each added a 0.02% drop, taking the index to 6.42% after ending last week at 6.44%. War-related headlines were less of a factor today and volatility was unsurprisingly lighter as a result. This is an adjustment for seasone... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.42% -0.02 0.00 15 Yr. Fixed 5.99% -0.01 0.00 30 Yr. FHA 5.93% -0.02 0.00 30 Yr. Jumbo 6.59% 0.00 0.00 7/6 SOFR ARM 6.27% +0.06 0.00 30 Yr. VA 5.95% -0.01 0.00 Updates Daily - Last Update: 5/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.37% +0.07 0.00 15 Yr. Fixed 5.72% +0.08 0.00 Updates Weekly - Last Update: 5/7 Mortgage Bankers Assoc. 30 Yr. Fixed 6.45% +0.08 0.66 15 Yr. Fixed 5.83% +0.06 0.73 30 Yr. Jumbo 6.47% +0.02 0.47 Updates Weekly - Last Update: 5/6 UMBS 30YR 5.0 98.89 +0.25   95.71 100.50 UMBS 30YR 5.5 100.81 +0.19   98.11 101.64 10 YR Treasury 4.355 -0.036   3.948 4.590 Forget What You Know About The Payroll Count Fri, May 8, 2026 9:00AM Everyone's been talking about the ongoing change in the significance of the payroll number in the jobs report. OK, not everyone, but economists and bond traders for sure. The issue is the rapid shift in the size of the labor force as well as recent volatility in the multiple jobholder category, among other things. Specifically, the labor force has been shrin... (read more) MBS Price Change UMBS 4.5 96.65 +0.25 UMBS 5.0 98.89 +0.25 UMBS 5.5 100.81 +0.19 GNMA 4.5 96.69 +0.14 GNMA 5.0 99.51 +0.19 GNMA 5.5 100.90 +0.09 Pricing as of: 5/8 8:45PM EST US Treasury Yield Change 2 YR Treasury 3.887 -0.018 5 YR Treasury 4.010 -0.034 7 YR Treasury 4.176 -0.035 10 YR Treasury 4.355 -0.036 30 YR Treasury 4.943 -0.026 Pricing as of: 5/8 8:45PM EST Other News Higher Rates Hit Mortgage Apps, But Only Modestly Fri, May 8, 2026 12:56PM Mortgage applications declined last week, reversing some of the prior period’s gains as rates climbed to their highest level in a month. The Mortgage Bankers Association (MBA) reported a 4.4% decrease on a seasonally adjusted basis for the week ending May 1. The decline was broad-based, with both purchase and refinance activity moving lower. The Refinance... (read more) 2-Month Glut of Data Brings New Home Sales Back to Center of The Range Fri, May 8, 2026 12:30PM New home sales moved higher in March and February. Both months were reported on a single day this week as the Census Bureau continues catching up from the government shutdown.  After dropping to 587k in January, sales rose to 635k in February and 682k in March. This represents a solid bounce back into the center of the broadly sideways range that's bee... (read more) BBYS, Anti-Fraud, Subservicing Products; Primer Hedging Information for MLOs; Cap. Markets Deep Dive Fri, May 8, 2026 10:42AM If you haven’t signed up for the Mortgage Action Alliance, do so. It’s free, has good advocacy information, and there’s strength in numbers. Recent conference chatter includes suggesting that removing politics from the mortgage conversation would be a good thing to attempt, wondering if there’s enough regulatory manpower muscle to take the existing LO comp r... (read more) Latest Video Watch CNBC's full interview with Chicago Fed President Austan Goolsbee U.S. payrolls increased 115,000 in April, more than expected; unemployment ... May consumer sentiment comes in at 48.2, falling short of estimates NY Fed survey: Short-term inflation expectations increase, medium and long-... Around the Web Investing Live Fed's Goolsbee: inflation has not been great. Job market is pretty much stable Investing Live University of Michigan sentiment for May 48.2 versus 49.5 estimate Investing Live US April non-farm payrolls +115K vs +62K expected CNBC Here's what to expect from Friday's release of the April jobs report Federal Reserve US Consumer Credit Actual 24.855B (Forecast 13.72B, Previous 9.48B) CNBC Treasury yields edge lower as traders await key jobs data Investing Live WSJ: Saudi Arabia and Kuwait lift restrictions on US military use of bases. Investing Live US initial jobless claims 200K vs 205K estimate NY Fed Short-Term Inflation Expectations Increase Further, Longer-Term Expectations Stable Eye on Housing Private Residential Construction Spending Increases in March Investing Live US construction spending for March 0.6% versus 0.2% estimate Investing Live US productivity preliminary for Q1 0.8% versus 1.0% estimate. NY Fed US NY Fed GDP Nowcast Q2: 2.59% (prev 2.52%)

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