The average interest rate for a 30-year mortgage in the United States has climbed to its highest level since late November, a trend attributed to a recent increase in bond yields that serve as an indicator for lenders in setting home loan prices.

According to Freddie Mac, the rate rose from 6.6% last week to 6.72% this week. This increase puts the current rate above the average of 6.67% seen at the same time last year.

Similarly, the rates for 15-year fixed-rate mortgages, which are appealing to homeowners looking to refinance for better terms, also saw a rise. The average rate for these loans went up to 5.92% from the previous week’s 5.84%. A year ago, the 15-year mortgage average was slightly lower at 5.95%, as reported by Freddie Mac.

This week’s average rate for a 30-year mortgage marks the highest point since November 27, when it reached 6.81%. The combination of high mortgage rates and increasing home prices has made the dream of homeownership unattainable for many potential buyers. Although sales of existing U.S. homes experienced an uptick in November for the second consecutive month, the housing market is still struggling and is likely to register its worst performance since 1995.

Various elements impact mortgage rates, notably the fluctuations in U.S. 10-year Treasury bond yields. These yields surged on Wednesday after the Federal Reserve indicated that it may implement fewer interest rate reductions next year compared to earlier projections. While the Fed does not directly control mortgage rates, its policy decisions and inflation trends significantly affect the direction of the 10-year Treasury yield.

The yield, which had dipped below 3.7% in September, reached 4.56% during midday trading on Thursday.