Mortgage rates move to highest level in 5 weeks, but homebuyers shake it off

Source: CNBC

Real Estate
Mortgage rates move to highest level in 5 weeks, but homebuyers shake it off

Published Wed, May 13 2026 7:00 AM EDT
Updated An Hour Ago
Diana Olick
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@DianaOlickCNBC
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KEY POINTS
* The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.46%
* Applications for a mortgage to purchase a home rose 4% for the week and were 7% higher than the same week one year ago.
* "Potential homebuyers shrugged off the current economic and mortgage rate uncertainties and returned to the market," said Joel Kan, an MBA economist, in a release.


Homes at a new development in Fontana, California, US, on Saturday, May 9, 2026.
Kyle Grillot | Bloomberg | Getty Images

Homebuyers appear to be getting used to the new normal of higher mortgage rates, even the highest in over a month. Buyer demand for mortgages helped to push total mortgage application volume up 1.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index

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Read more: https://www.cnbc.com/amp/2026/05/13/mortgage-rates-move-to-highest-level-in-5-weeks.html