Mortgage Applications Decline as Rates Hit ‘Highest Level Since January’: Report

Median monthly housing payments recently hit a record high of $2,882, dampening interest among many prospective homebuyers.

A “For Sale” sign is posted in front of a home in San Anselmo, Calif., on March 22, 2023. Justin Sullivan/Getty Images

Mortgage applications fell by 1.2 percent for the week ending May 23 from a week earlier amid elevated home loan rates, the Mortgage Bankers Association (MBA) said in a May 28 statement.

“Mortgage rates reached its highest level since January, following higher Treasury yields,” said MBA deputy chief economist Joel Kan. “Additional market volatility has added to the increase, keeping the mortgage-Treasury spread wider than it was earlier this year. The 30-year fixed rate increased to 6.98 percent, its third consecutive weekly increase.”