Hurt by rising interest rates, mortgage loan applications tumbled 10.5% last week from the previous week and was 20.5% below the year-earlier level, according to the regular weekly survey of the Mortgage Bankers Association of America.

The mortgage refinance sector was hit particularly hard, with applications down 12.3% from a week earlier, 26% from a month earlier, and 56.2% from a year earlier.

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