Mortgage demand experienced a decline last week following a rise in mortgage rates, which reached their highest levels in over a year. This shift in the market indicates a potential cooling off of the previously hot housing market, as higher rates may deter some buyers from purchasing homes.

Key points:
– Mortgage rates hit their highest levels since November 2023
– Mortgage demand decreased as a result
– This may signal a slowdown in the housing market
– Higher rates could lead to decreased homebuyer activity

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