The average rate on a 30-year mortgage in the U.S. ticked up this week to slightly above 7%, the highest level in eight months. The rate rose to 7.04% from 6.93% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.6%. It has risen for five straight weeks.

The interest rate on average fixed-rate 30-year home loan is more than 7%, the first time mortgage rates have been that high since May

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%.

The 30-year mortgage rate inched up for the fifth week in a row, Freddie Mac says, making it more expensive to take on a mortgage.

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.