Mortgage rates reached a 20-year high last week as the U.S. housing market continued its rapid slowdown, according to data released Wednesday by the Mortgage Bankers Association (MBA). The 30-year fixed rate climbed to 6.94 percent in the second week of October, up from 6.81 percent a week earlier, marking the highest 30-year rate since 2002. MBA’s Weekly Mortgage Applications Survey showed an overall decrease in mortgage applications, including a dropoff in refinancing. The share of refinance applications fell to 28.3 percent of total applications. “The speed and level to which rates have climbed this year have greatly reduced refinance activity and exacerbated existing affordab
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