U.S. mortgage rate jumps to highest this year

COLUMBIA, S.C. (CNN)—Mortgage rates went up again last week to the highest so far this year, an average of 6.81% for a 30-year fixed rate loan.

The rate is a tenth of a percent higher than the week before, and 1.5 percent higher than this time last year. That’s according to data Freddie Mac released today.

Economists say, the combination of higher rates and low inventory continues to keep some potential buyers out of the market.

Mortgage applications went down last week, according to the Mortgage Bankers Association.

Many homeowners are delaying plans to move in order to keep their current lower mortgage rate.