According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose last week from one week earlier. Rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says the increase was due to spiking oil prices. “Following last week’s spike in oil prices, mortgage rates moved higher, with the 30-year fixed rate increasing to … the highest rate since August 2025,” Kan said. “This upward trajectory in rates continues to significantly impact refinance borrowers, with a 10-percent decline in refinance applications, including a steeper drop in government refinances.” Higher rates also slowed purchase activity, which was down 4 percent from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
