U.S. mortgage rates have climbed to their highest level in nearly two months, affecting homebuying activity. The Mortgage Bankers Association (MBA) reported that the contract interest rate for 30-year mortgages rose by 10 basis points to 6.56% for the week ending May 15. This increase follows a cumulative rise of nearly 0.5 percentage points since late February. Consequently, the purchase mortgage application index dropped by 4.1%, the largest decline since mid-March, while the MBA refinance index also saw a decrease.