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Mortgage Rates in US Extend Climb to 6.94%, Highest Since 2002

  • 30-year fixed contract rate has risen for nine straight weeks
  • Index of applications to purchase, refinance lowest since 1997
A 30-year fixed mortgage jumped to 6.94%.

A 30-year fixed mortgage jumped to 6.94%.

Photographer: Jeremy Erickson/Bloomberg
Updated on

US mortgage rates continued to climb last week, advancing to a two-decade high and escalating the downturn in the housing market.

The contract rate on a 30-year fixed mortgage jumped another 13 basis points to 6.94% in the week ended Oct. 14, marking the ninth-straight increase, according to Mortgage Bankers Association data released Wednesday.