Borrowers remain sensitive to small increases in rates, according to Joel Kan, MBA vice president and deputy chief economist.
The average rate on the 30-year fixed-rate mortgage rose to 7.02% in the week ending May 30, reflecting borrowers' sensitivity to rate changes.
Despite lacking clear market momentum, mortgage rates rose this week, impacting home buyers' decisions amid other economic concerns like inflation.
Inflation remains a significant factor in homebuyers' hesitancy, with rising prices making everyday expenses and housing purchases more challenging for consumers.
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