Mortgage applications fell last week as rising Treasury yields pushed mortgage rates to their highest level in nearly two months, dampening demand for home purchases, according to data released Wednesday by the Mortgage Bankers Association.

Total application volume decreased 2.3% on a seasonally adjusted basis for the week ending May 15. On an unadjusted basis, the index decreased 3% compared with the previous week.

The refinance index slipped 0.1% from the previous week but remained 35% higher than the same period a year earlier. Meanwhile, the seasonally adjusted purchase index dropped 4% week over week. On an unadjusted basis, purchase details ⇒

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