A real estate agent exits a home for sale in Lancaster, Ohio. Ty Wright | Bloomberg | Getty Images

Another week of rising rates spurred homeowners and buyers to pull back from the mortgage market, and the trend is not expected to turn any time soon.

Total mortgage application volume fell 5.1% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased to 2.98% from 2.96% for loans with a 20% down payment. That rate was 79 basis points higher the a year ago.

“Expectations of faster economic growth and

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