Higher mortgage rates have zapped mortgage demand, as buyers are having second thoughts about purchasing homes. 

Mortgage applications for home purchases dropped 6% for the week ending February 24 from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage demand was also 44% lower than the same week a year ago, and is now sitting at a 28-year low.

“After a brief revival in application activity in January, when mortgage rates dropped down to 6.2%, there has now been three straight weeks of declines in applications, as mortgage rates have details ⇒

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