The average long-term U.S. mortgage rate ticked up again this week, remaining at its highest level since July.

The standard 30-year fixed rate financing rate rose to 6.93% from 6.91% last week, according to mortgage giant Freddie Mac. It was at 6.66% a year ago. It has risen for four straight weeks.

The uptick in the expense of home loans reflects a rise in the steady earnings yields that lenders use as a navigator to worth mortgages, specifically the profit on the U.S. 10-year Treasury. The profit on the 10-year Treasury has climbed from 3.62% in mid-September to 4.66% this week.

The boost is occurring with the worth of homes rising steadily.

Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers. While sales of previously occupied U.S. homes rose in November for the second straight month, the housing trade remains in a slump and on track for its worst year since 1995.

The government’s update on December home sales is due out later this month.

profit rates have been climbing since the Federal savings signaled last month that it expects to raise its standard rate just twice this year, down from the four cuts it approximate in September.

The Fed is tapping the brakes on rate cuts because worth rise remains stubbornly above the central lender’s 2% target, even though it’s fallen from its mid-2022 peak. Economists also worry that President-elect Donald Trump’s economic policies, notably his schedule to vastly boost tariffs on imports, could fuel worth rise.

The average rate on a 15-year fixed-rate mortgage, popular with homeowners seeking to refinance, ticked up to 6.14%, up from 6.13% and also the highest since July. It was at 5.87% a year ago, Freddie Mac said.