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

TL;DR

Mortgage and refinance interest rates today, Wednesday, May 27, 2026: Rates falling once again US Mortgage Rates Climb to Highest Level Since August Mortgage rates continued their climb last week, making it harder for current homeowners to save on a refinance. Potential homebuyers also pulled back a bit, causing total mortgage application volume to drop 8.5% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Refinance demand took the hardest hit, with those applications down 18% for the week.