U.S. mortgage rate hits the highest level since 2006

The U.S. mortgage rate has continued to rise for seven straight weeks, hitting its highest level in 16 years.

Marie Oakes

October 6, 2022

In the last week of September, the U.S. fixed 30-year mortgage rate jumped to 6.75%, hitting the highest level it has been in 16 years.

The rate increase has led to a more than 14% reduction last week in applications to purchase or refinance a home in the United States.

In just 7 weeks, the U.S. 30-year mortgage rate has increased by 1.30 percentage points.

The effective 30-year fixed rate in the period ending on September 30th hit 7%, a level not seen since 2006.

More Economy mortgage rates United States

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