Total U.S. mortgage applications fell 2.3% in the week ended May 15, dropping to the lowest level in five weeks as home-purchase demand weakened.
The average 30-year fixed rate rose to 6.56% from 6.46%—a seven-week high—after inflation worries, higher fuel costs and concerns over global public debt pushed Treasury yields higher.
Purchase applications slid 4% from the prior week, though they remained 8% above a year earlier; refinance activity was nearly flat, down 0.1% week over week but still 35% above last year.
Adjustable-rate mortgages gained ground as borrowers sought cheaper options, with ARM share rising to 9.6%—the highest since October 2025—and average ARM rates about 80 basis points below 30-year fixed loans.
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