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

The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers.

Mortgage demand fell more than 6% last week compared with the previous week, hitting the lowest level since 2000, according to the Mortgage Bankers Association’s seasonally adjusted index.

Applications for a mortgage to purchase a home dropped 7% for the week and were 19% lower than the same week in 2021. Buyers have been…