Rural Home Buyers Break From America's Housing Market Trend

The share of government-supported mortgages aimed at helping home buyers in rural areas rose slightly for the week ending May 24, even as other categories and overall applications dipped, according to the latest survey from the Mortgage Bankers Association.U.S. Department of Agriculture loans ticked up to 0.4 percent from 0.3 percent as a share of total applications for the week.

'The uptick in rates led to a decline in mortgage applications heading into Memorial Day weekend,' Kan said. 'Both purchase and refinance applications fell, pushing overall activity to the lowest level since early March. Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year's levels.

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