US Mortgage Rate Climbs to 22-Year High of 7.41%, Curbing Demand
- Contract rate on 30-year fixed mortgage at highest since 2000
- MBA index of home-purchase applications remained depressed
US mortgage rates are unlikely to show any improvement in the near future.
Photographer: Sam Hall/BloombergThis article is for subscribers only.
US mortgage rates jumped last week to the highest level since 2000, taking a toll on already depressed home-purchase applications.
The contract rate on a 30-year fixed mortgage rose 10 basis points to 7.41% in the week ended Sept. 22, according to Mortgage Bankers Association data out Wednesday. As a result, the index of home-purchase applications fell to 144.8, one of the lowest readings in decades.