Mortgage rates rose for the sixth straight week, with a 30-year fixed-rate mortgage averaging 6.7%,
The 6.7% average was more than double the 3.01% rate from last year at this time. A 15-year fixed-rate mortgage averaged 5.96%, compared to 2.28% last year.
Mortgage rates have hit the highest level since 2007.
"The uncertainty and volatility in financial markets is heavily impacting mortgage rates," said
The average existing-home price in August was
The
Applications to refinance a home loan declined 11% for the week and were 84% lower than the same week one year ago, according to the association's latest figures.
"Applications for both purchase and refinances declined last week as mortgage rates continued to increase to multi-year highs following more aggressive policy measures from the
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