Surging interest rates push mortgage demand down more than 40% from a year ago

CNBC (April, 2022) reports that the law of demand works in the mortgage market. The price of a loan is the interest rate. The article reports that the quantity of mortgages demanded has fallen precipitously as interest rates have risen. The recent surge in the price of houses may have reduced the quantity of houses demanded and therefore reduced the demand for mortgages. How much of the 40% mentioned in the article is a change in demand and how much is a change in quantity demanded is hard to disentangle.