Applications for home loans have plunged to the lowest level since 1996 as mortgage rates notch 23-year highs

• Mortgage applications just plunged to their lowest level since 1996 last week, per the MBA's latest survey.
• That comes as the 30-year mortgage rate touches 7.53% in the past week, the highest in 23 years.
• Experts say the housing affordability crisis won't improve until mortgage rates dial back significantly.

The US housing market is still tightening, with mortgage rates hitting a 23-year-high in the last week, which has helped push applications for home loans to their lowest levels since 1996, according to the Mortgage Bankers Association.