US mortgage rates have jumped for the seventh-week in a row to 6.75 percent, the highest in 16 years, causing a slump in home loan applications. Over the past seven weeks, mortgage rates have soared by 1.3 percentage points, the largest surge since 2003 and hitting rates not seen since 2006. It comes as the continues hiking up interest rates to combat rampant , with the central bank bumping rates up four times this year, with a near 0 percent rate in February now at 3.25 percent.
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