LOS ANGELES (NEWSnet/AP) — The average rate on a 30-year mortgage climbed this week to its highest level in more than five months.

The rate rose to 7.22% from 7.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%.

The average rate on a 30-year mortgage has increased five weeks in a row. It hasn’t been this high since Nov. 30, 2023.

Borrowing costs on a 15-year fixed-rate mortage also rose this week, lifting the average rate to 6.47%, from 6.44% a week prior.

Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.

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