Mortgage rates reach highest level since 2001 and are likely to go higher, Freddie Mac says

U.S. mortgage rates increased for the fifth week in a row, with the 30-year reaching the highest level since 2001.

It’s up 14 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.A year ago, the 30-year was averaging at 5.55%. Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.

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