Mortgage rates reached another 16-year high last week as the once red-hot housing market continues to cool, according to data released Wednesday from the Mortgage Bankers Association. The 30-year fixed mortgage rate jumped to 6.81 percent in the first week of October, marking the eighth consecutive weekly increase and the highest rate since 2008. Mortgage rates rose across all types in MBA’s Weekly Mortgage Applications Survey, with the highest increase seen in 5-year adjustable-rate mortgage (ARM) according to Mike Fratantoni, MBA’s senior vice president and chief economist. The share of ARM loan applications was 11.7 percent. Overall, mortgage applications continued their decli
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