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Housing Market Hit Hard by High Mortgage Rates

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The cost of borrowing for a home loan last week rose to its highest point since the start of May.

Homebuyers retreated from the market for the week ending May 31 as they balked at high mortgage rates, sending applications for home loans plunging during what is typically the hot season for the housing sector.Applications for mortgages fell by more than 5 percent compared to the prior week, according to the Mortgage Bankers Association .

'Government purchase volume was down less, helped by growth in VA applications. The market is relying on first-time homebuyer demand, and many first-time buyers do use government lending programs,' Fratantoni added.The decline in mortgage applications echoed recent market trends that show buyers are staying out of the market amid rates that are at their highest in close to two decades.

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