U.S. mortgage applications continue slide amid surging interest rates

WASHINGTON, Dec. 7 (Xinhua) -- U.S. applications for mortgages dropped 1.9 percent last week from the week prior, according to the Mortgage Bankers Association.

At the same time, applications to refinance climbed 5 percent last week but were still down a whopping 86 percent from the same period last year.

This occurs as the U.S. Federal Reserve is engaged in the most aggressive rate hike cycle in four dec