US 30-Year Fixed Mortgage Rate Tops 7%, Hits Highest Since 2001

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.

ncG1vNJzZmivp6x7o7jOqKSbnaKce6S7zGilnq%2BjZK6zwMico56rX2d9c36MamdmamZkwrR5kmlksp2Rp3qntdeem2aln6fBqK3GnmSrmaSaerW7z6xkcGWYnsG0eceinqGdo6l6tLXNnJxmamBlfg%3D%3D