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US 30-Year Fixed Mortgage Rate Tops 7%, Hits Highest Since 2001

  • MBA’s gauge of applications falls again to lowest since 1997
  • Higher borrowing costs have stifled demand for homes this year
The US housing market has deteriorated rapidly this year.

The US housing market has deteriorated rapidly this year.

Photographer: Jeremy Erickson/Bloomberg
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US mortgage rates topped 7% for the first time in more than two decades, extending a string of steep increases that have stymied housing demand. 

The contract rate on a 30-year fixed mortgage rose 22 basis points to 7.16% in the week ended Oct. 21, marking the 10th-straight increase, according to Mortgage Bankers Association data released Wednesday.