Mortgage Demand Down As Rates Hit Nearly 23-Year High

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High borrowing costs continue to have an impact on would be homeowners. What have you learned, Canada? That's exactly right. So mortgage demand continues to shrink as interest rates hit their highest level in nearly 23 years. Mortgage applications to buy a home fell 2% last week from the week before and dropped 27% from last year. While falling demand comes as the average contract rate for a 30 year fixed mortgage rose to 7.4% from 7.3% last week. And data yesterday also showed home prices edged higher in July according to the case Schiller index. While applications to refinance a home mortgage also declined by 1% from the week before and they were down 21% from the same time a year ago.