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By Kristin Myers, Editor-in-Chief

What's Happening Today

A weekly index measuring the volume of mortgage applications dropped 6.5% last week for the fourth week in a row as higher mortgage rates have taken a bite out of homebuyer interest the last few months, according to the Mortgage Bankers Association (MBA). The drop in home purchase and refinance applications pushed the weekly index to its lowest level in 22 years. The MBA's Purchase Index, which measures loan applications for single-family homes, declined 7%, while its index of refinancing activity dropped 6%, down 75% since last year.

Average mortgage rates for 30- and 15-year loans are on the rise again, spiking to more than 5.8% and 4.8%, respectively, according to data collected by The Balance. The housing supply has also started to edge up since an annual low in January as less buyers are willing to shell out big sums of money for both the mortgage and the house itself.

And it seems inflation is here to stay. Treasury Secretary Janet Yellen testified to the Senate yesterday that chances are inflation is going to remain high for the rest of 2022. In her remarks, Yellen said that the government's inflation forecast was also likely to be revised higher. On Friday, we'll get the latest report on consumer inflation from the Bureau of Labor Statistics, and economists, consumers, and the Federal Reserve will look to see if inflation declined from 8.3% in April.

It's Pride Month, so don't miss out on our Instagram Live conversation tomorrow at 2:30 p.m. Eastern. I'll be chatting with Ellyce Fulmore, financial educator and owner of Queerd Co., about building a financial support system. Follow us on Instagram now so you don't miss it!

- Kristin

Editors' Picks

Demand for Mortgages, Refinancing Drops to 22-Year Low (The Balance)

Tech's Decade of Stock-Market Dominance Ends, For Now (The Wall Street Journal)

Stock Market Dictionary: Your Guide to the Jargon (The Balance)

How a New Crypto Bill Relates to Normal People (Axios)

How Long Does It Take To Build Good Credit From Scratch? (The Balance)

Can You Use a Home Equity Loan To Start a Business? (The Balance)

Where To Get a Reverse Mortgage (The Balance)

Off the Charts

Mortgage rates continued their recent climb, with the average 30-year and 15-year reaching their highest points since mid-May, according to data collected by The Balance. The average rate offered for a conventional 30-year fixed mortgage increased to 5.83% from 5.72%, while the average 15-year rate rose to 4.82% from 4.77% the previous business day.

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Number of the Day

11.8 Million - That's how many student loan borrowers who may have been expecting to have their entire debt wiped out now reportedly face another month or two in limbo.

In the spirit of Pride Month, join our Editor-in-Chief, Kristin Myers, with featured guest Ellyce Fulmore, financial educator and owner of Queerd Co. The event is on Thursday, June 9 at 2:30 p.m. EST. Follow us on Instagram to get updates on The Balance's live events this month!