US Mortgage Applications Fall in the Week Ending May 1

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, May 1, the Market Composite Index—a measure of mortgage loan application volume—decreased 4.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4.0%.

The Refinance Index decreased 5% from the previous week but was 29% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 4% from one week earlier. On an unadjusted basis, the Purchase Index decreased 3% compared with the prior week but was 5% higher than the same week one year ago.

In remarks accompanying the release, MBA Vice President and Deputy Chief Economist Joel Kan said:

“The ongoing conflict in the Middle East continues to push rates higher. Mortgage rates last week increased to their highest level in a month, with the 30-year fixed rate rising to 6.45%. As expected, elevated rates and shrinking refinance incentives continued to weigh on activity, with refinance applications declining again from the prior week—most notably for conventional and VA loans. The refinance share of applications was the lowest since August 2025.

Despite purchase applications declining over the week, overall activity remains higher compared to last year’s pace. Additionally, the average loan size on a purchase application increased to $467,300, the highest in the survey’s history dating back to 1990. This increase could indicate that potential first-time buyers, and buyers looking for homes at lower price points, might be the most hesitant to move forward given the economic uncertainty and higher rates.”