A key measure of mortgage loan application volume has fallen to its lowest level in 22 years, as higher interest rates deter homebuyers in a sign that the red-hot housing market could soon be cooling off. Applications for a mortgage to purchase a home fell 7 percent last week and were 21 percent lower than the same week one year ago, Mortgage Bankers Association data showed on Wednesday.In a bid to battle soaring , the has been raising interest rates at a rapid pace, and the rate-sensitive housing market was quickly impacted, with mortgage rates touching their highest level in a decade last month.
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