Mortgage demand has been declining as interest rates have been rising to their highest levels in nearly two decades. As interest rates hit 23-year highs, borrowing costs for mortgages are becoming increasingly expensive for potentialhome buyers, causing them to pause their home buying plans. As a result, demand for mortgages has been diminishing as buyers wait for more attractive rates. In addition, as mortgages become more expensive, fewer people are able to qualify for a mortgage, which further limits demand. With fewer potential home buyers entering the market, home sales and prices have been declining as well. As a result, the housing market has been experiencing a slow down due to the rise in interest rates.