【CNBC】Mortgage demand from homebuyers drops to a 28-year low as interest rates soar

• Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.31% from 7.16%
• Applications for a mortgage to purchase a home dropped 5% for the week and were 30% lower than the same week one year ago.
• The adjustable-rate mortgage share of applications increased to 7.6%, which was the highest level in five months.

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