Mortgage rates increased this week for the first time in a month, returning above 7% as the home affordability crisis <a href="https://www.foxbusiness.com/economy/mortgage-demand-falters-interest-rates-rise-first-time-month" target="_blank" rel="noopener">continues to hurt demand</a> in the housing market.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, 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;rose to 7.03% this week from 6.94% last week. The average rate on a 30-year loan was 6.79% 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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/686/384/home-sale-5.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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1344/756/home-sale-5.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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1862/1046/home-sale-5.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-5.jpg?ve=1&amp;tl=1, https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/1440/810/home-sale-5.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-5.jpg?ve=1&amp;tl=1" alt="home for sale" width="100%" height="auto"></picture></div> <div><p><span>A "New Listing" sign outside a home in Napa, California, US, on Monday, May 6, 2024.</span><span> (David Paul Morris/Bloomberg via Getty Images / Getty Images)</span></p></div>

The average rate on the 15-year fixed mortgage also climbed to 6.36% from 6.24% last week. One year ago, the rate on the 15-year fixed note averaged 6.18%.

Mortgage rates are now above 7% again after a month of declines as the home affordability crisis continues to price more Americans out of the housing market.{ai:summary}<p>Mortgage rates rise to over 7% with ongoing home affordability crisis. Housing market demand affected. #economy</p><p>Average rates on 30-year and 15-year fixed mortgages increase, following a month-long low. #economy</p>

Mortgage rates increase to 7.03%

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