Recent data released by the Mortgage Bankers Association indicates that mortgage rates in the United States have risen to their highest level in two years, which has caused refinancing applications to decline.

The Association’s seasonally adjusted refinancing index dipped to 1,459.3, a decline of 0.7 percent.

On the other hand, the group’s seasonal gauge on applications to buy a home, seen as a proxy on future home sales, edged up 0.4 percent to 234.5.

The 30-year fixed-rate conforming mortgages averaged 4.27%, marking their highest level since October 2014. The 15-year-fixed-rate averaged 3.53%, which is the highest since September 2014.

Since the November 8 election, rates for a 30-year mortgage have risen by .5 percentage points, as traders believe that economic growth and inflation will hasten with the Trump administration and a Republican-controlled Congress.

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