The Federal Reserve has raised interest rates 11 times since March 2022 in its battle to curb inflation, which has led to higher mortgage rates.The mortgage application volume has fallen to its lowest in nearly 30 years, as monthly mortgage payments hit an all time high.With over 7 percent 30-year mortgage rates over the past few weeks, mortgage payments have jumped to a near-record high, according to the latest data by Redfin.At the same time, home prices—perpetuated by a lack of available existing housing—have pushed many buyers out of the market.Related StoriesThis has led housing demand to plunge to near-record lows due to affordability pressures. 
Average Mortgage Payments Continue to Rise 
The typical monthly mort …