Refis stall, mortgage apps dip slightly

mort-app-300x200By Diana Olick | CNBC

With the average rate on the 30-year fixed mortgage now decidedly above four percent, borrowers are pulling back from refinances and struggling to make home purchases during a historically busy time of year for housing.

Total mortgage application volume fell 1.6 percent on a seasonally adjusted basis from one week earlier, for the week ending May 22, according to the Mortgage Bankers Association (MBA). While volume is still higher than a year ago, it has fallen 10 percent in the last four weeks.

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