U.S. mortgage rates rose for the seventh week in a row, making it the longest streak of increases since last spring.
It’s up 16 basis points from the previous week — one basis point is equal to one hundredth of a percentage point. Rates continue to be at the highest level since November 2000.The average rate on the 15-year mortgage was 7.03%, up from 6.92% last week. The 15-year was at 6.36% a year ago. Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 7.98% as of Thursday afternoon.
“Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory,” he added.
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