Mortgage refinance demand drops 18% as rates hit highest level since August

Refinancing Activity Plummets as Mortgage Rates Hit 9-Month High

Refinancing activity in the U.S. housing market plummeted last week as mortgage rates hit their highest level in nine months, new industry data released on May 27 show. Refinancing decreased by 18 percent for the week ending May 22 and is up by 19 percent from the same time a year ago, according to the Mortgage Bankers Association. “Many borrowers understandably backed away from refinancing last week,” Joel Kan, the firm’s vice president and dep…

Home Refi Activity Plummets As Mortgage Rates Hit 9-Month Highs

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Mortgage refinance demand drops 18% as rates hit highest level since August

Mortgage rates rose to the highest level in nine months, hitting refinance demand hardest. Homebuyers also pulled back but were still more active than last year.

U.S. mortgage rate rises to nine-month high, worsening affordability again

WASHINGTON, D.C. (May 28, 2026) — The rate on the most popular U.S. residential real estate ​loan hit a nine-month high last week in another blow to home-ownership affordability, as the Iran war kept oil prices elevated, fueling ‌inflation concerns and pushing up benchmark U.S. Treasury yields. The average 30-year fixed-rate mortgage rose 9 basis points to 6.65% in the week ended May 22, the Mortgage Bankers Association said on Wednesday. It was…

US mortgage rate rises to nine-month high, worsening affordability again

Lack of housing supply is a key driver behind the lacklustre pace of home sales Read more at The Business Times.