Mortgage demand falls to its lowest level in 2 decades as rates hit a 16-year high of 6.75%

:pushpin: Demand for mortgages hit its lowest level in 25 years, Mortgage Bankers Association said Wednesday.

:pushpin: Weekly total mortgage application volume dropped by 14.2% as the 30-year fixed mortgage rate rose to 6.75%.

:pushpin: Hurricane Ian also crimped demand with the Category 4 storm slamming into Florida.