U.S. mortgage rates rise for the first time, dampening demand for home purchases and refinancing

According to Jinshi, data showed that U.S. mortgage rates rose for the first time in a month, suppressing demand for home purchases and refinancing. Data released by the Mortgage Bankers Association on Wednesday showed that the interest rate on 30-year fixed mortgage contracts rose 4 basis points to 7.05% in the week ending May 24. This caused the refinancing index to fall by more than 13%, while purchasing activity fell to the lowest level in three months. Mortgage rates move in sync with U.S. Treasury yields. Last week, U.S. Treasury yields rose as economic data showed strong U.S. business activity and a tight labor market. This prompted traders to postpone the expected time of the Fed's interest rate cut to the end of this year.