The US 30-year mortgage rate rose to 7.16% last week, matching the highest since 2001 and crimping both sales and refinancing activity. The contract rate on a 30-year fixed mortgage rose seven basis points to 7.16% in the week ended Aug 11, according to Mortgage Bankers Association (MBA) data out on Wednesday (Aug 16). The gauge of home-purchase applications slipped for a fifth-straight week to the second-lowest level since 1995. The latest jump in borrowing costs presents a fresh headwind for the housing market, just as the sector had been showing signs of finding its footing.

http://klse.i3investor.com/web/blog/detail/kianweiaritcles/2023-08-17-story-h-242726989-US_mortgage_rate_climbs_to_7_16_matching_highest_since_2001

#i3investor