The average US 30-year fixed mortgage rate for conforming loans of $806,500 or less jumped by 10bps to 6.56% in the week ending May 15th, 2026, from 6.46% the previous period and reaching its highest level in seven weeks, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Mortgage rates went up for a fourth consecutive week, tracking Treasury yields higher amid “ongoing concerns around inflation from higher fuel costs combined with rising concerns over global public debt” said Joel Kan, an MBA economist. As a result, mortgage applications declined 2.3%, reversing a 1.7% rise in the previous period, with applications to purchase a home slumping 4.1% and those to refinance a home loan edging down 0.1%. “Overall applications were down to the lowest level in five weeks as purchase borrowers pulled back across conventional and government loan types,” added Kan.