Mortgage Rates Rise Again, Dampening Housing Market Activity

The average rate for a 30-year fixed mortgage surpasses 7%, leading to a decline in applications and refinancing.

Mortgage applications fell by 5.7% for the week ending May 24, reaching a three-month low.
The average rate for a 30-year fixed mortgage increased to 7.05%, the highest in a month.
Refinancing applications dropped by 14% compared to the previous week.
Rural home buyers saw a slight increase in government-supported mortgage applications.
The median U.S. home sale price reached nearly $388,000, a record high.