The average interest rate on long-term US home loans has hit its highest level since 2001, as tightening financial conditions continue to impact the housing sector.The average contract rate on a 30-year fixed-rate mortgage rose to 7.16 percent for the week ending October 21, up from 6.94 percent the prior week, the Mortgage Bankers Association (MBA) said on Wednesday.Mortgage rates have more than doubled since the beginning of the year, as the aggressively in an attempt to tame soaring .
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