The average long-term U.S. mortgage rate climbed further above 7% this week to its highest level since 2001, another blow to prospective homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan jumped to 7.23% from 7.09% last week. A year ago, the rate averaged 5.55%.

It’s the fifth consecutive weekly increase for the average rate, which is now at its highest level since early June 2001, when it averaged 7.24%. Back then, the median sales price of a previously occupied U.S. home was $157,500. As of last month, it was $406,700.

“This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term,” said Sam Khater, Freddie Mac’s chief economist.

Applications for unemployment benefits fell again last week as America’s labor market continues to hum along despite attempts by the Federal Reserve to cool the economy and bring down inflation that’s still higher than optimal.

The number of Americans applying for jobless benefits fell last week by 10,000, to 230,000 the week ending August 19, the Labor Department reported Thursday.

The four-week moving average of claims, a less volatile measure, rose by 2,250 to 236,750.

Jobless claim applications are seen as reflective of the number of layoffs in a given week.

In an attempt to bring down four-decade high inflation, the Federal Reserve raised interest rates 11 times in the past year-and-a-half to the current 5.4%, a 22-year high.