Mortgage rates climb to 6.95%

Mortgage rates increased this week, approaching nearly 7% again as rates remain stubbornly high and continue to hinder the housing market.

Freddie Mac's latest Primary Mortgage Market Survey, released Wednesday, showed that the average rate on the benchmark 30-year fixed mortgage climbed to 6.95% this week from 6.86% last week. The average rate on a 30-year loan was 6.81% a year ago.

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The average rate on the 15-year fixed mortgage also rose...