Weekly mortgage demand from homebuyers tumbles 12%, as higher interest rates take their toll

A sign of a home for sale is pictured in Alhambra, California on May 4, 2022.Frederic J. Brown | AFP | Getty ImagesMortgage rates actually fell slightly last week, but the damage has already been done to housing affordability. Both refinance and purchase loan demand dropped, pulling total mortgage application volume down 11% for the…