Mortgage rates rose past 7%, the highest mark in 20 years, and have more than doubled in 2022.

The average rate for a 30-year, fixed loan rose to 7.08% from 6.94% last week, according to data from the Mortgage Bankers Association.

Low-interest rates helped drive a buying boom in the early months of the pandemic. But demand has cooled considerably since the Federal Reserve has been hiking interest rates to stifle inflation, which is at a 40-year high.

Potential homebuyers are qualifying for loans that are 65% of what they could qualify for in January, Greg McBride, chief financial analyst at said. Demand for mortgages has also fallen to 25-year lows, data from the Mortgage Bankers Association shows.

"As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month," Sam Khater, chief economist at Freddie Mac said in a statement. "In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward."