A poll shows the interest rate for the most widely used house loan in the US reached its highest level since September 2000, marking the seventh consecutive weekly rise.

This has led to a decline in mortgage applications, which have reached their lowest point in 28 years.

The average contract rate for a 30-year fixed-rate mortgage was 7.9%, a 20 basis point increase from the previous week.

The Federal Reserve’s decision to halt interest rate hikes has increased the cost of obtaining a loan for residential property purchases.