The U.S. mortgage rate rose to a new record this week, with the 30-year fixed-rate mortgage reaching an average of 7.57% during the week of Oct. 12.
This marks the fifth consecutive week the U.S. mortgage rate has increased, said mortgage giant Freddie Mac.
The last time the mortgage rate reached such a high level was December 2000.
The climbing mortgage rate only puts more pressure on prospective homebuyers who are already hampered by a lack of available inventory on the market.
