Mortgage rates hit one-month high as applications fall
Updated
Updated · CNBC · May 5
Mortgage rates hit one-month high as applications fall
12 articles · Updated · CNBC · May 5
The average 30-year fixed rate rose to 6.45% from 6.37%, while total mortgage applications dropped 4.4% week on week, the Mortgage Bankers Association said.
Purchase applications fell 4% and refinancing demand dropped 5%, with the refinance share slipping to 42%, its lowest since August 2025, as affordability pressures deterred especially first-time buyers.
The MBA linked the rise to Middle East conflict and economic uncertainty; average purchase loan size hit a survey-record $467,300, and rates moved higher again this week before Friday's US jobs report.
With inflation and global tensions pushing mortgage rates higher, could unexpected events still drive rates below 6% this year?
Despite expert forecasts, what hidden factors could cause mortgage rates to move in an unexpected direction this year?
How might the change in Fed leadership and ongoing overseas conflicts reshape the housing market and your homebuying plans in 2026?