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Mortgage rates climbed again this week, exacerbating the home affordability crisis that is stifling the housing market.
A recently sold home in the Issaquah Highlands area of Issaquah, Washington, on April 16. (David Ryder/Bloomberg via Getty Images / Getty Images)
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 7.22% this week from 7.17% last week. The average rate on a 30-year loan was 6.39% a year ago.
The average rate on the 15-year fixed mortgage rose to 6.47% from 6.44% last week. One year ago, the rate on the 15-year fixed note averaged 5.76%.