The average US 30-year fixed mortgage rate for conforming loans of $806,500 or less edged up to 6.45% in the week ending May 1, 2026, from 6.37% the previous week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The increase tracked a rise in Treasury yields amid elevated geopolitical uncertainties and stalled US-Iran negotiations, as soaring energy prices fueled bets of a Fed hike this year. As a result, total mortgage application volume fell 4.4%, marking the second consecutive weekly decline. Refinance demand dropped 5.0%, while applications to purchase a home decreased by 3.7%.