Refinancing activity declined last week as expected in response to higher mortgage rates.

The Mortgage Bankers Association reported that the average contract interest rate for 30-year fixed mortgage rates jumped 44 basis points to 5.25%. In response, the Refinance Index dropped 24.1% to 2953.6 in the week ending May 29. As a percent of total applications, refinancing share dropped to 62.4% from 69.3. These are the lowest levels for both indexes since early February.

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