Core Insights - The article highlights that U.S. mortgage rates have risen to a three-month high, leading to a decline in both home purchase and refinancing applications [1] Mortgage Rate Trends - As of the week ending May 16, the 30-year fixed mortgage rate increased by 6 basis points to 6.92% [1] - The adjustable-rate mortgage (ARM) with a fixed rate for the first five years also reached its highest level since February [1] Application Trends - Mortgage Bankers Association (MBA) reported a decrease of approximately 5% in both home purchase and refinancing applications [1]