Mortgage rates climbed over 7% this week, hitting their highest level since 2001, according to the Mortgage Bankers Association.
The average interest rate on a typical 30-year fixed-rate mortgage is 7.16% this week, up from 6.94% last week. The rate on a 15-year mortgage climbed to 6.39% from 6.09% last week.
Demand for mortgages, meanwhile, has dropped to its lowest level since 1997. New mortgage applications this week are 42% lower than the same week in 2021.
Rapidly rising interest rates slowed the housing market this year, with existing home sales falling for eight months straight through September, according to the National Association of Realtors.
