Mortgage demand drops to a 22-year low as higher interest rates and inflation crush homebuyers

Surging inflation and interest rates are hammering American consumers and weighing on the housing market. Mortgage demand fell last week, hitting the lowest point since 2000, according to the Mortgage Bankers Association. Buyers have lost considerable purchasing power as rates have almost doubled since earlier this year. “And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a