Mortgage Rates Top 7%, Hitting Highest Level Since 2001

MoneyWatch, Oct. 26, 2022–Khristopher Brooks
The average interest rate on a typical 30-year mortgage surpassed 7% this week, the highest level since 2001. Mortgage rates rose from 6.94% last week to 7.16% this week, the Mortgage Bankers Association said Wednesday. The average rate on a 15-year fixed-rate mortgage grew to 6.39%, from 6.09% last week.