Mortgage demand falls to the lowest level since 1995 as interest rates near 8%

Mortgage demand continues to fall as interest rates surge higher.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 7.70% from 7.67%.

Total application volume fell 6.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home dropped 6% week-to-week and were 21% lower than the same week one year ago."Both purchase and refinance applications declined, driven by larger drops for conventional applications," said Joel Kan, MBA's vice president and deputy chief economist, in a release. He added that the adjustable rate mortgage share was 9.3%, the highest share in 11 months.

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