finance
Mortgage Rates Rise to 6.56 Percent, Increasing Use of Adjustable-Rate Loans
The average rate on 30-year fixed mortgages increased to 6.56 percent last week. Mortgage applications fell while the share of adjustable-rate mortgages rose to nearly 10 percent.
May 20, 7:00 AM·1m read1 source
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Mortgage rates continued to climb last week, reducing overall loan demand and prompting more borrowers to select adjustable-rate mortgages. 46 percent, according to the Mortgage Bankers Association. 63 for loans with a 20 percent down payment. 3 percent from the previous week on a seasonally adjusted basis.
Applications to purchase a home declined 4 percent and stood 8 percent above the same week one year ago.
The adjustable-rate mortgage share of total applications reached nearly 10 percent, the highest level since October 2025. 76 percent. U.S. and abroad last week. 1 percent from the previous week and were 35 percent higher than the same week one year ago.
Kan added that overall applications reached the lowest level in five weeks as purchase borrowers pulled back across conventional and government loan types. A separate survey from Mortgage News Daily reported that mortgage rates continued to rise this week and hit the highest level since last July.
