30-Year Mortgage Rose 22 Basis Points to 7.16%, the Highest Since 2001

Per Reuters

30-year fixed-rate mortgage rose by 22 basis points to 7.16% reaching the highest level since 2001. The central bank is expected to raise rates by 75 basis points on Nov 1-2 upon the conclusion of its next policy meeting.

Mortgage Bankers Association's Market Composite Index said mortgage loan application volume fell 1.7% in a week. Mortgage application activity has reached its slowest pace since 1997.