Mortgage Rates Highest In 16 Years

At a glance

  • US mortgage rates jumped to a 16-year high of 6.75%, marking the seventh-straight weekly increase and spurring the worst slump in home loan applications since the depths of the pandemic.
  • The contract rate on a 30-year fixed mortgage rose nearly a quarter percentage point in the last week of September, according to Mortgage Bankers Association data released Wednesday.
  • The steady string of increases in mortgage rates resulted in a more than 14% slump last week in applications to purchase or refinance a home.

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