U.S. 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 rates, the group’s gauge of applications to purchase or refinance a home dropped for the 10th time in 11 weeks, falling by 1.7% to the lowest level since 1997.
