Mortgage rates reach highest level in over 20 years

The average rate for a 30-year fixed mortgage is now at its highest level in over 20 years, Freddie Mac reported Thursday.

Freddie Mac's latest Primary Mortgage Market Survey shows that the average rate for the benchmark 30-year fixed note hit 7.09% this week for the first time since 2002, topping 7% for the first time since last November after rising from 6.96% the week before.

At this time last year, 30-year fixed rate products averaged 5.13%.

The rate for a 15-year fixed mortgage also rose, averaging 6.46% after coming in at 6.34% last week. One year ago, the rate for a 15-year fixed note averaged 4.55%.