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.
Photographer: Jeremy Erickson/BloombergThis article is for subscribers only.
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.