Mortgage demand falls to 22 year low

(Washington, DC) -- Demand for mortgages fell to a 22-year low last week as higher interest rates and inflation are crushing homebuyers who would like to be homeowners.

The Mortgage Bankers Association reports applications for loans to buy homes fell seven-percent last week as interest rates have nearly doubled since January. The national average interest rate for a 30-year fixed-rate mortgage jumped eight basis points last week.

Applications to refinance existing mortgage fell four-percent and were 80-percent lower than a year ago.