"The housing market remains sluggish as mortgage rates inch up for a second consecutive week," said Sam Khater, Freddie Mac's chief economist. "Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably."

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Higher rates have put a dent in mortgage demand, as loan applications dropped to the lowest level in 22 years, according to the Mortgage Bankers Association.

"The weakening economic outlook, high inflation, and persistent affordability challenges are impacting buyer demand," said Joel Kan, MBA's associate vice president of economic and industry forecasting.

The decline in applications aligns with reports earlier this week showing homebuilding activity is slowing due to reduced buyer traffic and rising prices for supplies. In addition, another report found existing home sales, fell for the the fifth straight month as buyers paused their home search.

"The housing market remains sluggish as mortgage rates inch up for a second consecutive week," said Sam Khater, Freddie Mac's chief economist. "Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably."

*

Higher rates have put a dent in mortgage demand, as loan applications dropped to the lowest level in 22 years, according to the Mortgage Bankers Association.

"The weakening economic outlook, high inflation, and persistent affordability challenges are impacting buyer demand," said Joel Kan, MBA's associate vice president of economic and industry forecasting.

The decline in applications aligns with reports earlier this week showing homebuilding activity is slowing due to reduced buyer traffic and rising prices for supplies. In addition, another report found existing home sales, fell for the the fifth straight month as buyers paused their home search.