Mortgage Rates Continue Climbing, Leading to Big Drop in Mortgage Demand
- Mortgage rates climbed higher last week, taking mortgage demand down 6%
- 30-year fixed mortgage rates increased to 7.53% from 7.41%
- Refinance applications dropped 7% and were 11% lower than last year
- Purchase applications fell 6% to the lowest level since 1995
- Adjustable-rate mortgages made up 8% of purchase apps, up from 6.7%
- Separate survey showed 30-year fixed rates rising to 7.72% on Tuesday
