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.

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 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.