The contract rate on a 30-year fixed mortgage increased by almost a quarter of a percentage point in the last week of September, according to data from the Mortgage Bankers Association published this Wednesday.
In the last seven weeks mortgage rates rose 1.30 percentage pointsthe largest increase in a comparable period since 2003, according to the Bloomberg news agency.
The 30-year effective fixed rate, which includes the effects of compounding, it topped 7% in the period ended September 30, also the highest since 2006.
The MBA Purchase Index it plunged 12.6% to 174.1, the lowest level since 2015, while the refinancing indicator fell 17.8% to a 22-year low.
The MBA survey uses responses from mortgage bankers, commercial banks, and savings banks with data on more than 75% of all retail residential mortgage applications in the United States.
Source: Ambito
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