Mortgage activity slowed in May as rising interest rates dampened both purchase and refinance demand, according to Optimal Blue‘s May 2026 Market Advantage report.

The report, released Tuesday, found that total mortgage rate lock volume fell 9% from April, although it remained 7% higher than a year earlier. Purchase loans continued to dominate the market, accounting for more than 81% of all rate locks, while refinances represented 19% of volume, the lowest share since June 2025.

The average 30-year conforming mortgage rate, as measured by Optimal Blue’s Mortgage Market Indices, rose 13 basis points during the month to 6.44%. The details ⇒

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