Portland Mortgage Market Update — May 22, 2026

Oil ruled the week… yet again. With WTI spiking over $100/barrel and currently hovering around $95/barrel, gas prices continue to be elevated which is driving up costs across the board. With inflation rearing its head again, bond yields spiked pushing mortgage rates higher. Freddie Mac's Primary Mortgage Market Survey (PMMS Report) is reporting rates up .15% to 6.51%

Fed News! The minutes from the last Fed meeting were released this week and it showed a majority of officials signalled that some degree of tightening would be needed if inflations stays persistently above their 2% target (latest CPI reading was 3.8%). Paradoxically, tough talk by the new Fed Chair Warsh, who was sworn in today, may help calm the markets and help rates settle down. In his swearing in, he vowed to "lead a reform-oriented Federal Reserve" likely stripping out crisis-era policies the Fed took but never relinquished after things settled down. Time will tell what he meant by this, but expect a leaner Fed going forward.

Buyer Applications up 7% year over year… seriously! Despite the recent rate turbulence/spike, the Mortgage Bankers Association reported that purchase applications rose 1.7% week over week and are running 7% ahead of last years pace. It appears demand is quietly building even as rate headlines create noise. With Fannie Mae, Freddie Mac and NAR expecting rates to settled down to the high 5's/low 6's by the end of the year, getting into a home now before competition builds may be the smartest move for potential home buyers.