Demand for mortgages in the U.S. continued to decline last week amid rising rates to their highest levels since 2010.

Total mortgage applications fell 5% last week from a week earlier and were about half the volume for the same period last year, according to the Mortgage Bankers Association (MBA).

The average rate on 30-year mortgages in the U.S. rose to 5.2% last week from 5.13%. A year earlier, the rate was 3.2%.

“Ongoing concerns about accelerating inflation and tighter monetary policy in the U.S. continue to fuel the rise in US Treasuries yields, pushing mortgage rates to their highest level in more than a decade,” said MBA expert Joel Kahn.

Amid the rapid rise in rates after a prolonged period of them being at record lows, only a very small number of borrowers can now benefit from refinancing, CNBC writes. Demand fell another 8% over the week and was 68% lower than the same period a year earlier.

Meanwhile, refinancing as a share of overall mortgage market activity fell to 35.7% of total applications from 37.1% a week earlier.

Applications for home purchase mortgages fell 3% for the week and were 14% below the same period a year earlier.

Mortgage rates continued to rise this week amid a rebound in US Treasuries yields.