Joe Biden Era Brings Mortgage Rates to Highest Level in 16 Years

Prospective homebuyers face a new chill after the average interest rate on the most popular home loan rose to its highest level since 2006, data from the Mortgage Bankers Association showed on Wednesday. The average contract rate on a 30-year fixed-rate mortgage rose by 6 basis points to 6.81% for the week that ended Oct. 7, marking a 16-year high for the cost of a home loan. 

RELATED: Surging mortgage rates force homebuyers to target smaller houses: real estate report

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