Mortgage applications eased again last week even as borrowing costs moved lower, suggesting that modest rate relief was not enough to bring borrowers back in force. The Mortgage Bankers Association (MBA) reported a 2.5% decrease in total application volume on a seasonally adjusted basis for the week ending May 29. The decline was led by refinance activity, which slipped 2% from the previous week. Refinance demand remained 20% higher than the same period one year ago, however, underscoring that activity is still running above 2025’s pace even as it softens week to week. Purchase demand also pulled back, though the move was more modest. The seasonally adjusted Purchase Index fell 3% week over week and was still 7% above year-ago levels. The average 30-year fixed mortgage rate decreased to 6.57% from 6.65%, but the drop was not enough to spark a meaningful pickup in demand. MBA’s Joel Kan said easing energy prices tied to developments in the Middle East helped push rates slightly lower, though “the retreat in rates... did not lead to an increase in mortgage applications.” Kan added that purchase applications were still ahead of last year’s pace, but were at their slowest weekly level since April, while refinance activity was at its weakest since last June. He also noted that the 30-year fixed rate eased to 6.57%, while the 5-year ARM rate edged higher, reflecting a flattening yield curve.

June 5, 2026 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.66% +0.08%   5.99% 6.97% 15 Yr. Fixed 6.13% +0.02%   5.55% 6.25% 30 Yr. Jumbo 6.70% +0.02%   6.1% 7.05% Compare Mortgage Rates from Local Lenders for Jun 5, 2026 Mortgage Rates Jump After Strong Jobs Report Fri, Jun 5, 2026 2:29PM Over the past three months, mortgage rate movement has been driven primarily by developments in the Iran war. It's not that war, itself, is a consideration, but rather the implications for fuel prices and inflation. Bonds care deeply about inflation and interest rates are based directly on bonds. When inflation isn't raging (or at the risk of raging), rates/bonds spend most of their time thinking about the economy. Lately, the data has been even-keeled enough that it hasn't had enough of an impact to override the war's inflation-related volatility, but today was an exception. The jobs report... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.66% +0.08 0.00 15 Yr. Fixed 6.13% +0.02 0.00 30 Yr. FHA 6.18% +0.07 0.00 30 Yr. Jumbo 6.70% +0.02 0.00 7/6 SOFR ARM 6.30% +0.12 0.00 30 Yr. VA 6.19% +0.06 0.00 Updates Daily - Last Update: 6/5 Freddie Mac Rate Change Points 30 Yr. Fixed 6.48% -0.05 0.00 15 Yr. Fixed 5.79% -0.08 0.00 Updates Weekly - Last Update: 6/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.57% -0.08 0.67 15 Yr. Fixed 5.93% -0.04 0.76 30 Yr. Jumbo 6.66% -0.02 0.35 Updates Weekly - Last Update: 6/3 UMBS 30YR 5.0 97.77 -0.48   96.26 100.50 UMBS 30YR 5.5 100.03 -0.34   98.57 101.64 10 YR Treasury 4.516 +0.039   3.948 4.668 Job Market Says "I'm Not Dead Yet." Bond Market Doesn't Love It Fri, Jun 5, 2026 10:08AM Buzz has been growing around the labor market for the past several months, but today's jobs report went the extra mile to make it official. The job market is officially re-accelerating. Actually, the better claim would be that the jobs market is simply attempting to level off after a very long post-covid normalization. Most of today's charts show that quite ... (read more) MBS Price Change UMBS 4.5 95.30 -0.50 UMBS 5.0 97.77 -0.48 UMBS 5.5 100.03 -0.34 GNMA 4.5 95.49 -0.53 GNMA 5.0 98.33 -0.31 GNMA 5.5 100.32 -0.24 Pricing as of: 6/5 10:49PM EST US Treasury Yield Change 2 YR Treasury 4.139 +0.099 5 YR Treasury 4.263 +0.072 7 YR Treasury 4.384 +0.055 10 YR Treasury 4.516 +0.039 30 YR Treasury 4.997 +0.020 Pricing as of: 6/5 10:49PM EST Other News Mortgage Apps Pull Back Modestly Fri, Jun 5, 2026 2:25PM Mortgage applications eased again last week even as borrowing costs moved lower, suggesting that modest rate relief was not enough to bring borrowers back in force. The Mortgage Bankers Association (MBA) reported a 2.5% decrease in total application volume on a seasonally adjusted basis for the week ending May 29. The decline was led by refinance activity... (read more) Tech Stack Mgt, Verification, DSCR, 2nd Products; In-Person Mortgage Events; What's Moving Rates? Fri, Jun 5, 2026 10:53AM Today we’re going to learn about the facts of life. Trivia-loving basketball facts’ fans know that this is the first time the NY Knicks have led in the finals since the night of OJ’s White Bronco car chase. Homeowner’s insurance has become the “you can’t avoid it and you can’t afford it” fact of life for some homeowners in some areas. Rate is selling yoga pa... (read more) Latest Video NEC Director Kevin Hassett on May jobs report: This is a job market that's ... U.S. payrolls rose by 172,000 in May, much more than expected; unemployment... Home sellers pull homes off market at fastest pace since 2020 Fed's May Beige Book: Fed underscores 'K-shaped' economy Around the Web CNBC U.S. payrolls rose by 172,000 in May, much more than expected; unemployment at 4.3% CNBC Odds of a Fed hike this year jump on prediction markets Investing Live Fed's Hammack: Today's jobs report reaffirms that the jobs market is roughly in balance Investing Live Fed's Schmid: Biggest risk facing the US economy is now inflation Eye on Housing Highest Paid Occupations in Construction in 2025 CNBC Treasury yields ease as traders await key labor market data CNBC Higher mortgage rates don't just keep buyers on the sidelines. Application denials rise too Challenger Gray May Job Cuts Rise 16% from April; Highest May Total Since 2020 NY Fed US NY Fed GDPNowcast Q2: 2.67% (prev 2.50%) Investing Live US Initial jobless claims 225K vs 213K estimate. Continuing Claims 1.777M vs 1.780M est. Bank of America The Institute Employment Report: May 2026 Investing Live Fed's Daly: Policy is in a good place and we are prepared to respond either way CNBC U.S. Treasury yields take a breather as traders await more jobs data

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