Mortgage applications fall to lowest level in nearly 30 years as rates edge higher

• Mortgage loan applications fell 6% over the last week, the Mortgage Bankers Association said on Wednesday.
• The latest drop means mortgage demand is at the lowest level in 28 years.
• That's a sign housing demand is still getting slugged by higher rate expectations.

Mortgage applications have fallen to their lowest level in 28 years as rates continue to edge higher, according to data from the Mortgage Bankers Association.

The MBA's Market Composite Index, a gauge of mortgage loan applications, fell 5.7% over the last week, the MBA reported on Wednesday.

The 30-year fixed mortgage rate climbed to 6.71% from 6.62% in the prior week, as markets are raising their expectations for additional rate hikes from the Fed.