American mortgage applications fell for the fifth time in the last six weeks, as higher interest rates caused the biggest drop in refinancing since May, an industry report showed.

The Washington-based Mortgage Bankers Association said its weekly gauge of mortgage applications declined 9.5% in the week ended March 18 to 658.8 from 727.6.The average rate on a 30-year fixed mortgage rose to 5.95%, the highest since the last week of July, from 5.91%.

Refinancing applications slumped 16.5% last week, the most since mid-May. Increased borrowing costs this year will restrain home purchases and refinancing, which have been sources of strength for the economy, economists said.

“Mortgage rates are moving up, and that ought to have an effect on sales, but rates are still low by historical standards,” said the chief U.S. economist at MFR Inc, Joshua Shapiro. “The refinancing game is pretty much over, and clearly we’re going to see ongoing labor market recovery to support consumer spending because it’s no longer going to come from refinancing or tax cuts.”