Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher

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Total mortgage application volume was 52.7% lower last week than the same week one year ago, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates followed Treasury yields up in response to higher-than-expected inflation and anticipation that the Federal Reserve will need to raise rates at a faster pace," said Joel Kan, an MBA economist.

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