Mortgage rates climb for 4th week in a row, edging closer to 7%

(CNN)– Mortgage rates climbed for a fourth straight week inching closer to 7%.

Freddie Mac reports the 30-year fixed rate mortgage averaged 6.94% which is up slightly from the week before.

The mortgage lender’s chief economist said the rise in rates in February has dampened already tentative homebuyer momentum heading into the spring.

That’s typically the busiest season for home buying.

Rates hit a 20 year high of nearly 7.8% in October before slowly falling.