(CNBC) The rate on the 30-year mortgage in the US slowed to 5.49% last week from 5.53% amid a decline in the number of people seeking financing to purchase a home.
Mortgage applications to purchase a home were reported to have declined by 12% last week, remaining 15% below the comparable week of last year.
Applications to refinance a home declined by 10% last week. The refinance demand is now 76% below the prior year.
The adjustable-rate mortgage share of total applications fell slightly but was maintained at high levels of 10.5%.
The total volume of mortgage applications shed 11% in the week, underlying the impacts of higher costs on loan demand.
Mortgage rates have now climbed more than two percentage points this year, while home prices have shot up at least 20% from the levels of the prior year.
MBA economist Joel Kan says that uncertainty regarding the near-term economic outlook and the volatilities in the stock market could be deterring consumers from making home searches.
SPY is down -1.20% on premarket, DXY is up +0.19%.
