US Mortgage Rate Climbs to 7.16%, Matching Highest Since 2001
- Gauges of home buying and refinancing both dropped last week
- Lack of homes listed for sale has been pushing prices higher
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The US 30-year mortgage rate rose to 7.16% last week, matching the highest since 2001 and crimping both sales and refinancing activity.
The contract rate on a 30-year fixed mortgage rose 7 basis points to 7.16% in the week ended Aug. 11, according to Mortgage Bankers Association data out Wednesday. The gauge of home-purchase applications slipped for a fifth-straight week to the second-lowest level since 1995.