U.S. mortgage rates rise to three-month high, as both home purchase and refinancing applications decline.

Mortgage rates in the United States rose to a three-month high last week, leading to a decline in both home buying and refinancing applications. Data released by the American Bankers Association on Wednesday showed that for the week ending May 16, the contract interest rate for a 30-year mortgage increased by 6 basis points to 6.92%. The rate for adjustable-rate mortgages with locked-in rates for the first five years also rose to the highest level since February.