The average long-term US mortgage rate ticked up again this week, remaining at its highest level since July. The benchmark 30-year fixed rate loan rate rose to 6.93% from 6.91% last week, according to mortgage giant Freddie Mac.

U.S. mortgage rates rose for a fourth straight week. The average for 30-year loans was 6.93%, up from 6.91% last week, Freddie Mac said in a statement Thursday. Borrowing costs near 7% are cutting deeper into buying power for house hunters and threaten to slam the brakes on a sales market that had gained some momentum in recent months.

U.S. mortgage rates are back at their highest level since last summer, frustrating homebuyers waiting for a break from some of the steepest borrowing costs in more than a decade.

The benchmark 30-year fixed rate loan rate rose to 6.93 percent from 6.91 percent last week, according to mortgage giant Freddie Mac. It was at 6.66 percent a year ago and 3.64 percent five years ago.

The 30-year mortgage rate climbed to 6.93% as of Thursday, Freddie Mac said, the highest its been since July. AFP The 30-year-mortage rate continues to climb as it hit its highest level since July on Thursday.