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.

The strength of the economy — and persistent inflation — is doing no favors for buyers begging for a downturn in rates.

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.