30-year fixed mortgage rate tops 7%, highest since 2001
30-year fixed mortgage rate tops 7%, highest since 2001
By Molly Smith | Bloomberg
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.
With rising mortgage…