U.S. 30-Year Mortgage Rate Reaches 7.40% for Seventh Week

The average U.S. 30-year fixed mortgage rate rose to 7.40% as of Oct. 8, extending its weekly increase streak to seven and bringing borrowing costs closer to 7.5%.

The rate climbed from 7.28% a week earlier. It was 6.30% during the same period last year.

The latest increase follows a separate 7.30% mortgage-rate reading. The two figures come from different surveys and are not directly interchangeable.

The rate’s next weekly reading will show whether the seven-week climb continues.