According to Mortgage Banks Association (MBA) data, mortgage applications decreased by 3.7 percent in the week ending May 26 compared to the previous week and carried its decline to the third week.
The average interest rate for a 30-year mortgage in the country rose from 6.69 percent to 6.91 percent, hitting its highest level since the week ended Nov.
In the same period, the average interest rate for a 15-year mortgage increased from 5.15 percent to 6.41 percent.
In his assessment of the data, MBA Senior Vice President and Chief Economist Mike Fratantoni said that inflation is still very high and the latest economic data is starting to convince investors that the US Federal Reserve will not cut interest rates anytime soon.
Fratantoni stated that both acquisition and refinancing applications decreased last week due to high mortgage interest rates.