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By Kristin Myers, Editor-in-Chief

What's Happening Today

Higher mortgage rates are really weighing on prospective homebuyers. A weekly index measuring the volume of mortgage applications dropped 2.3% last week from one week prior, to its lowest level since December 2018, according to the Mortgage Bankers Association (MBA).

As we mentioned yesterday, home prices jumped over 20% in March from that time last year, and with average 30-year fixed mortgage rates at more than 5.4%, homebuyers typically have to pay a higher price for the house and shell out more money for the loan. Rising rates have hit the refinance market particularly hard, causing the volume of refinance applications to drop 5% last week from the week prior. Homeowner interest in refinancing has declined 75% from the same week last year, according to the MBA.

Stocks are falling today as markets kick off June after a very volatile May. With the Federal Reserve's next two-day policy meeting scheduled for later this month on June 14-15, investors will be watching the Fed closely to see how it plans to handle inflation. Yesterday, President Joe Biden met with Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen to discuss how they'll address the rising costs of goods and services in the U.S.

- Kristin

Editors' Picks

Job Openings Dip, But So Do Layoffs (The Balance)

The Average Cost of Buying a Home in the US (The Balance)

One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds (Bloomberg)

When Will My Social Security Payment Arrive? (The Balance)

Missed Payments, Rising Interest Rates Put 'Buy Now, Pay Later' to the Test (The Wall Street Journal)

Do Transactions Go Through on Bank Holidays? (The Balance)

How To Prevent and Remove Checking Account Holds (The Balance)

Off the Charts

The average price for a gallon of gas shot up 5 cents Wednesday, reaching $4.67, yet another record high, according to AAA. Keep in mind this is just the national average. State averages range from $4.16 to $6.19 per gallon, depending on tax rates, proximity to pipelines, and regulations.