Mortgage rates rise for fourth straight week, inching closer to 7%

Mortgage rates ticked up for the fourth straight week, climbing toward 7% as elevated rates and high home prices continue to snuff out demand in the housing market.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 6.93%, up from last week's reading of 6.91%. The average rate on a 30-year loan was 6.66% a year ago.

"The continued strength of the economy has put upward pressure on mortgage rates, and along with high home prices, continues to impact housing affordability," said Sam Khater, Freddie Mac’s chief economist. "The lack of entry-level supply also remains an issue, especially for those looking to become first-time homeowners."

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The average rate on the 15-year fixed mortgage climbed to 6.14% from 6.13% last week. One year ago, the rate on the 15-year fixed note averaged 5.87%.