Mortgage rates for 30-year loans are now at their most expensive level since early May of last year. Most other new purchase loan types increased as well.

The recent spike in mortgage rates is cooling the housing market, with fewer applications as buyers face tougher affordability challenges in an already expensive market.

The average rate on a 30-year mortgage in the U.S. climbed this week to its highest level since mid-February, a setback for home shoppers that threatens to slow sales further this spring homebuying season.