Mortgage rates edge closer to 7%, dampening start of spring homebuying season

Mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway.

The 30-year fixed-rate mortgage averaged 6.94% in the week ending February 29, up from 6.90% the previous week, according to data from Freddie Mac released Thursday. A year ago, the average 30-year fixed-rate was 6.65%.

“Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again,” said Sam Khater, Freddie Mac’s chief economist, in a statement.