PITTSBURGH (TNS) — With mortgage rates rising on the back of robust job growth and stubborn inflation, the refinancing business is taking a hit, especially in Pennsylvania, experts say.

“When mortgage rates rise, the motivation to refinance decreases,” said Shaun Bettman, CEO of Eden Emerald Mortgages an online mortgage broker.

“Homeowners with an existing mortgage at a lower rate would find it less beneficial to refinance into a higher-rate loan, as it would increase their monthly payments.”

Eden Emerald Mortgages analyzed all 50 states and found Pennsylvania ranks No. 7 on the list of top 10 states where homeowners are least likely to refinance their mortgage, based on the number of times people from each state searched the internet for terms related to refinancing.

The number of refinancing applications has fallen across the board in recent weeks as mortgage rates have shot up to 6.78% — higher than it was prior to the Federal Reserve cutting rates by half a percentage point in September.

Mortgage rates fell to a two-year low of 6.08% in late September, which boosted the buying power of buyers and brought more sellers to the market. but that window of opportunity didn’t last long before rates went back up.

“Persistent high inflation has been the main result of mortgage rates climbing,” Bettman said. “When inflation remains elevated, the Federal Reserve typically raises rates to reduce pressure on the economy and bring inflation under control.”

Mortgage rates rose to 6.78% this week for a 30-year fixed loan, according to Zillow.

Refinancing is not nearly as attractive now as it was a month ago, but conditions are still better than it was a year ago when 30-year rates were edging towards 8%.

Pennsylvania’s No. 7 ranking as least likely to refinance is based on Eden Emerald’s analysis, with 466 searches per 100,000 residents and an average of 60,465 searches per month. New Mexico is the No. 1 state least likely to refinance with 369 searches per 100,000 residents and an average of 7,810 searches per month.

The study was conducted using Google Keyword Planner. The search terms “refinance” and “lender” were combined with 41 templates which included other phrases related to refinancing like “how much does it cost to refinance?”

A total of 961 search combinations were analyzed including “lending calculator,” “HELOC rates,” “lending broker,” and “refinance calculator.”