Mortgage borrowers tapped the brakes slightly last week as rates hover above 4%, according to a CNBC article.

The number of mortgage applications fell 1.6% for the week ending on May 22 compared to the prior week. Even though total volume is up year-over-year, the last four weeks have been brutal, with a 10% drop in mortgage applications, according to Mortgage Bankers Association data.

Refinance applications fell 4% week-over-week and made up 51% of total application volume, while purchase activity saw an uptick thanks to the Veterans Administration loans. Purchase volume was reported up 1% and the VA loans accounted for 12% of the total application volume.

"Rates have made several attempts to move lower after spiking in early May, but each time they've quickly run out momentum," noted Matthew Graham of Mortgage News Daily.

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