The 30-year mortgage rate is averaging at 7.23%, Freddie Mac said in its latest weekly survey on Thursday.
U.S. mortgage rates increased for the fifth week in a row, with the 30-year reaching the highest level since 2001.
It’s up 14 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.A year ago, the 30-year was averaging at 5.55%. Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
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