Interest rates on home loans continued to ascend on both a weekly and monthly basis, climbing to a seven-year high. Two out of three indices used for adjustable-rate mortgages didn’t change.

On conforming residential loans that were used to finance a home purchase, 30-year fixed rates averaged 4.78 percent during August, the Federal Housing Finance Agency reported.

The average, which was determined based on a small survey of primary mortgage lenders by FHFA, increased by just a single basis point versus July.

Source: Mortgage Daily