US mortgage rates reach 21-year high

U.S. mortgage rates rose this week to the highest level seen in 21 years.

Data from Freddie Mac revealed the 30-year fixed mortgage rate grew to 7.09% over the week of Aug. 17, the mortgage giant revealed Thursday.

This week’s mortgage rate is up from the 6.94% rate the week before.

The 30-year fixed mortgage rate stood at 5.13% just one year prior.