Mortgage Rates Hit 22-Year High, Sending Loan Demand to 1995 Lows

Mortgage rates rose for the 6th straight week, causing demand for home loans to drop to the lowest level since 1995.

Total mortgage application volume fell 6.9% compared to the previous week.

The average 30-year fixed mortgage rate increased to 7.70%, the highest since November 2000.

Applications to purchase a home dropped 6% week-over-week and were 21% lower than last year.

Adjustable-rate mortgage share was 9.3%, the highest in 11 months, as borrowers seek lower rates.