<a href="https://www.foxbusiness.com/category/home-mortgage" target="_blank" rel="noopener">Mortgage rates</a> increased this week, approaching nearly 7% again as rates remain stubbornly high and continue to hinder the housing market.

Freddie Mac's latest Primary Mortgage Market Survey, released Wednesday, showed that the average rate on the benchmark <a href="https://www.foxbusiness.com/category/mortgage" target="_blank" rel="noopener"><u>30-year fixed mortgage</u></a>&nbsp;climbed to 6.95% this week from 6.86% last week. The average rate on a 30-year loan was 6.81% a year ago.

<div><picture><source media="(max-width: 767px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/343/192/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/686/384/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 768px) and (max-width: 1023px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/672/378/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1344/756/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1024px) and (max-width: 1279px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/931/523/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1862/1046/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <source media="(min-width: 1280px)" srcset="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/720/405/home-sale-6.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1440/810/home-sale-6.jpg?ve=1&amp;tl=1 2x"> <img src="https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/931/523/home-sale-6.jpg?ve=1&amp;tl=1" alt="home for sale with clouds overhead" width="100%" height="auto"></picture></div> <div><p><span>A home available for sale is shown on May 22, 2024 in Austin, Texas. High interest rates continue to stall the housing market.</span><span> (Brandon Bell/Getty Images / Getty Images)</span></p></div>

The average rate on the 15-year fixed mortgage also rose, jumping to 6.25% from 6.16% last week. One year ago, the rate on the 15-year fixed note averaged 6.24%.

The average rate for a 30-year fixed-rate mortgage climbed to 6.95% this week as rates remain uncomfortably high, contributing to the housing affordability crisis.{ai:summary}<p>Housing market struggles as mortgage rates climb back towards 7%, hindering potential buyers. Freddie Mac's survey shows 30-year fixed rate at 6.95%, 15-year fixed rate at 6.25%. #economy</p>

Mortgage rates climb to 6.95%

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