Mortgage rates continued their upward climb this week, leaping above 7% and adding further pressure on the stagnant 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 7.04%, up from last week's reading of 6.93%. The average rate on a 30-year loan was 6.60% a year ago.

"Mortgage rates ticked up for the fifth consecutive week and crossed seven percent for the first time since May of 2024," said Sam Khater, Freddie Mac’s chief economist. "The underlying strength of the economy is contributing to this increase in rates."

The average rate on the 15-year fixed mortgage climbed to 6.27% from 6.14% last week. One year ago, the rate on the 15-year fixed note averaged 5.76%.