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.

Mortgage rates last week moved higher for the fourth week in a row. That caused already very weak mortgage demand to drop even further. Total mortgage application volume fell 3.7% compared with the previous week,

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.

The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages, specifically the yield on the US 10-year Treasury. The yield on the 10-year Treasury has climbed from 3.62 percent in mid-September to 4.66% this week.

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