Overview
- Mortgage activity, in the MBA survey for the week ending May 1, fell as the 30-year fixed rate rose to 6.45%, the highest in a month.
- Refinance applications slipped about 5% week over week, and their share fell to 42%, the lowest since August 2025, even though refi volume stayed 29% above last year.
- The average purchase loan size hit a record $467,300, a sign that first-time and lower-price buyers are stepping back as higher costs make qualifying harder.
- Borrowers shifted strategies as the ARM share reached 8.8% and the FHA share rose to 17.7%, while VA edged down to 14.9% and USDA held at 0.5%.
- MBA says geopolitical tension is lifting Treasury yields that guide mortgage rates, and the next monthly jobs report could be the catalyst for the market’s next move.