US Mortgage Applications Rise in the Week Ending May 8

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, May 8, the Market Composite Index—a measure of mortgage loan application volume—increased 1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 2.0%.

The Refinance Index decreased 1.0% from the previous week but was 28.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 4.0% from one week earlier. On an unadjusted basis, the Purchase Index increased 3.0% compared with the prior week and was 7.0% higher than the same week one year ago.

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

“Mortgage rates were generally higher last week, with the 30-year fixed rate at 6.46%, its highest level in five weeks. Purchase applications were higher over the week and 7% ahead of last year’s pace, with all loan types showing increases in purchase activity, as potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market. Refinance applications declined slightly, led by conventional and VA refinancings, and accounted for a little more than 40% of applications last week, the lowest share since July 2025.”