Surging interest rates push mortgage demand down more than 40% from a year ago

Saul Loeb | AFP | Getty ImagesRising interest rates are crushing the mortgage market, as precious few homeowners can now benefit from a refinance and more potential homebuyers become priced out.Total mortgage application volume fell another 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was…