Mortgage rates rise for 7th week to highest in 16 years
Mortgage rates rise for 7th week to highest in 16 years
By Vince Golle | Bloomberg
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.…