The average interest rate on US home loans has hit its highest level since 2006, as the 's rate hikes to fight continue to raise borrowing costs for homebuyers.The average rate on a 30-year fixed rate mortgage hit 6.81 percent for the week ending October 7, the eighth straight weekly increase, the Mortgage Bankers Association (MBA) said on Wednesday.Higher borrowing costs have sent home sales volume plunging. The MBA's Purchase Index, which measures new mortgages to buy a home, dropped 2 percent from the prior week and 39 percent from a year ago.
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