STORY: Source: MBA survey

The average interest rate on the most popular U.S. home loan is at its highest level since 2009

Lenders were offering a 30-year fixed-rate of 5.53% in the first week of May

But demand for mortgages still jumped 4.5%, for a second straight week

That number may be 8% lower than the same week one year ago

But the Fed still wants to tighten financial conditions to battle a 40-year-high inflation rate

The housing market has been flashing signs of overheating for the past two years

While policymakers are keen to sap some of its current double-digit annual price growth

Record-low stock, high savings, more job choice and worker mobility are fueling the boom