By 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.
