Residential construction activity was mixed again in April, as building permits rebounded while housing starts pulled back modestly from March’s stronger pace. The latest Census Bureau data continues to reflect a construction sector navigating uneven demand and affordability pressures. Privately owned housing starts fell 2.8% to a seasonally adjusted annual rate of 1.465 million , down from March’s revised 1.507 million pace. Despite the monthly decline, starts were still 4.6% higher than April 2025 levels. Single-family starts dropped 9.0% to 930k, while multifamily starts (buildings with five units or more) increased to 529k. On the permitting side, activity recovered after March’s sharp decline. Total building permits rose 5.8% to an annual rate of 1.442 million , though that was still 0.2% below year-ago levels. Single-family permits declined 2.6% to 872k, while multifamily authorizations climbed to 514k. As is often the case with this data series, month-to-month swings can exaggerate the underlying trend. More broadly, residential construction activity has remained relatively stable over the past year, with builders continuing to balance elevated financing costs, affordability challenges, and uneven buyer demand. In fact, if we smooth the data with a simple 3-month moving average, it's easier to see a decent little rebound from the long term lows last Fall. In this light, housing starts are the strongest they've been since early 2024.

May 22, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.65% +0.00%   5.99% 7.07% 15 Yr. Fixed 6.23% +0.01%   5.55% 6.37% 30 Yr. Jumbo 6.77% +0.01%   6.1% 7.15% Compare Mortgage Rates from Local Lenders for May 22, 2026 Mortgage Rates End Week Roughly Unchanged Fri, May 22, 2026 1:19PM Mortgage lenders rely on the bond market to generate mortgage rates. In addition to being fully closed on Monday for Memorial Day, bonds also close 3 hours earlier than normal on the preceding Friday (i.e. today). The abbreviated trading session was fairly uneventful for rates despite some back-and-forth volatility in response to diplomacy headlines surrounding Iran/US peace negotiations. The flow of news resulted in better bond market levels early in the day and a pull-back in the late AM hours. After accounting for some lenders' mid-day rate changes, the average lender ended the day right ... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.65% 0.00 0.00 15 Yr. Fixed 6.23% +0.01 0.00 30 Yr. FHA 6.18% -0.01 0.00 30 Yr. Jumbo 6.77% +0.01 0.00 7/6 SOFR ARM 6.61% +0.29 0.00 30 Yr. VA 6.20% -0.01 0.00 Updates Daily - Last Update: 5/22 Freddie Mac Rate Change Points 30 Yr. Fixed 6.51% +0.15 0.00 15 Yr. Fixed 5.85% +0.14 0.00 Updates Weekly - Last Update: 5/21 Mortgage Bankers Assoc. 30 Yr. Fixed 6.56% +0.10 0.60 15 Yr. Fixed 5.93% +0.10 0.73 30 Yr. Jumbo 6.58% +0.10 0.38 Updates Weekly - Last Update: 5/20 UMBS 30YR 5.0 97.56 +0.06   95.89 100.50 UMBS 30YR 5.5 99.82 +0.09   98.25 101.64 10 YR Treasury 4.559 -0.009   3.948 4.668 Abbreviated Friday Opening at Week's Best Levels Fri, May 22, 2026 8:59AM Bonds are starting the session at the best levels of the week with modest overnight gains getting a small boost from news that Pakistan's army chief (a central figure in mediating US/Iran peace talks) is en route to Tehran. Trading ends at 2pm today instead of 5pm, as is usually the case for a Friday before a Monday federal holiday. Econ data is light, ... (read more) MBS Price Change UMBS 4.5 95.17 +0.06 UMBS 5.0 97.56 +0.06 UMBS 5.5 99.82 +0.09 GNMA 4.5 94.93 -0.06 GNMA 5.0 98.02 +0.02 GNMA 5.5 100.08 +0.09 Pricing as of: 5/22 5:10PM EST US Treasury Yield Change 2 YR Treasury 4.122 +0.040 5 YR Treasury 4.258 +0.015 7 YR Treasury 4.402 -0.002 10 YR Treasury 4.559 -0.009 30 YR Treasury 5.066 -0.025 Pricing as of: 5/22 5:10PM EST Other News Builders Breaking Ground at Fastest Pace in 2 Years Fri, May 22, 2026 12:36PM Residential construction activity was mixed again in April, as building permits rebounded while housing starts pulled back modestly from March’s stronger pace. The latest Census Bureau data continues to reflect a construction sector navigating uneven demand and affordability pressures. Privately owned housing starts fell 2.8% to a seasonally adjusted annu... (read more) Borrowers Shift Toward ARMs as Fixed Rates Climb Fri, May 22, 2026 12:31PM Mortgage applications pulled back last week as rising rates weighed on homebuyer demand, while refinance activity remained largely flat. The Mortgage Bankers Association (MBA) reported a 2.3% decrease in total application volume on a seasonally adjusted basis for the week ending May 15. The decline was driven primarily by softer purchase activity. The sea... (read more) Credit and Verification, Warehouse, AI Processing Tools; Basel III Update; Rates Higher for Longer? Fri, May 22, 2026 11:49AM Wanna know the new buzz acronym? Residential Transition Loans (RTL): financing for properties in transition, including fix-and-flip, bridge, and rehab deals. Catch the wave… people always need to borrow money! Now, if only income guidelines by the Agencies matched how incomes have changed. Change is constant: “Rob, if you think inflation is bad, home insuran... 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