US Mortgage Rates Jump , to Highest Levels Since 2001.<br />According to data from the Mortgage Bankers Association (MBA) reported on Oct. 26.<br />U.S. mortgage interest rates jumped to 7.16 percent.<br />The rate is the highest since 2001.<br />Data from the MBA shows that <br />demand for houses dipped to a level that is <br />close to half of what it was at this time in 2021.<br />Demand for mortgages is the lowest <br />it has been in the past 25 years.<br />Data from Black Knight shows that fewer than 150,000 potential borrowers are qualified for a beneficial refinance of their home loans.<br />Despite the dismal outlook, Federal Housing Administration (FHA) loans increased slightly.<br />Despite the dismal outlook, Federal Housing Administration (FHA) loans increased slightly.<br />Despite higher rates and lower overall application activity, there was a slight increase in FHA purchase applications, as FHA rates remained lower than conventional loan rates, Joel Kan, Mortgage Bankers Association, via CNBC.<br />The number of potential homebuyers seeking an adjustable-rate mortgage (ARM) loan remained stable.<br />According to Pulte group, 24 percent of homebuyers canceled their loan in the prior quarter.<br />Interest rates have a significant effect on home prices
