Rising interest and mortgage rates drove U.S. mortgage demands to a 28-year low last week, reported the Mortgage Bankers Association.
With mortgage rates climbing to a 23-year high last week, total mortgage application volume fell 4.2% compared to the previous week.
According to the Mortgage Bankers Association, application volume is also down 30% year-over-year.
Meanwhile, applications to refinance mortgages concurrently fell 3% last week.
