FX.co ★ US Mortgage Rates Tick Up to Five-Week High

The average US 30-year fixed mortgage rate for conforming loans of up to $806,500 edged up to 6.46% in the week ending May 8, 2026, from 6.45% a week earlier, reaching its highest level since early April, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Rates stayed elevated as Treasury yields remained high, reflecting stalled US–Iran negotiations and ongoing inflation concerns, which in turn strengthened expectations of a Federal Reserve rate hike later this year or in early 2027. Despite the higher borrowing costs, total mortgage application volume rose 1.7%—the first weekly increase after two consecutive declines—driven by a 3.9% rebound in purchase applications. Refinancing activity, however, continued to soften, with refinance applications slipping a further 0.8%.