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Economics
Real Estate

US Mortgage Rates Rise for Seventh Week to Highest in 16 Years

  • Fixed 30-year rate jumps to 6.75% in last week of September
  • MBA index of applications to buy, refinance a home tumbles
Residential homes in San Francisco, California, US. 

Residential homes in San Francisco, California, US. 

Photographer: David Paul Morris/Bloomberg
Updated on

US mortgage rates jumped to a 16-year high of 6.75%, marking the seventh-straight weekly increase and spurring the worst slump in home loan applications since the depths of the pandemic.

The contract rate on a 30-year fixed mortgage rose nearly a quarter percentage point in the last week of September, according to Mortgage Bankers Association data released Wednesday. The steady string of increases in mortgage rates resulted in a more than 14% slump last week in applications to purchase or refinance a home.