The average rate on 30-year fixed-rate mortgages surpassed 7 percent for the first time since May, Freddie Mac reported on Thursday, extending a weekslong climb that could push more buyers and sellers to the sidelines.

The average 30-year fixed rate rose to 7.04% for the week ending Thursday, according to mortgage giant Freddie Mac. The average has now climbed for five straight weeks, and this week marks the first time since May the it has climbed above 7%. Last week, the average was 6.93%. Three years ago at this time, the average stood at 3.45%.

As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.

The interest rate for the most popular U.S. home loan rose last week to an eight-month high of 7.09%, extending an upward trend that's squeezing would-be homebuyers already facing rising house prices and limited supply.

Mortgage rates topped 7% this week, a key psychological threshold, in a sign of the US housing market’s unrelenting affordability challenges.

US mortgage rates topped 7% last week, reaching the highest level since early May and extending a months-long advance that risks restraining the housing market.

The Fed is tapping the brakes on interest rate cuts because inflation remains stubbornly high. That's pushed mortgage rates higher.

After climbing to their most expensive level in more than seven months, 30-year mortgage rates held steady Tuesday. Rate movement was mixed for other loan types.