The 30-year fixed mortgage rate reached 7.16 percent, the highest it has been since 2001, according to the Mortgage Bankers Association (MBA).

As rates increase, mortgage applications have decreased by 1.7 percent on a seasonally adjusted basis from last week while dropping by two percent on an unadjusted basis.

“The ongoing trend of rising mortgage rates continues to depress mortgage application activity, which remained at its slowest pace since 1997,” stated Joel Kan, MBA’s Vice President and Deputy Chief Economist.

The 7.16 percent increase is based on the national conforming loan limit for 2022, which is at $647,200. The 30-year fixed rate for a jumbo balance — any purchase greater than the conforming loan limit — climbed to 6.53 percent from 6.31 percent.