US mortgage rates exceed 7.5% for the first time in 23 years

Last week, the average interest rate for 30-year home equity loans with maximum loan amounts of $726,200 was 7.53%. The rate has been growing four weeks in a row.

Mortgage application volume in the US dropped by 6% last week, the most since April, and to the lowest level seen since 1996. This includes a 6.7% decline in requests for mortgage refinancing.

According to MBA Deputy Senior Economist Joel Khan, "activity levels are at their lowest since 1995, as active rate increases have pushed a significant share of potential buyers out of the market."

source: cnbc.com