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.

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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.

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