The average 30-year fixed-rate mortgage rose eight basis points to 6.66% over the past week, casting an ominous shadow on the back half of the summer homebuying season.

That’s according to Freddie Mac’s weekly rate survey, which showed the 30-year rate is now just six basis points lower than where it stood a year ago.

The 15-year fixed rate also increased by eight basis points. It officially breached the psychologically significant 6% mark, averaging 6.04% over the seven-day stretch ending Thursday.

In a statement accompanying the data release, Freddie Mac Chief Economist Sam Khater focused on the positives for homebuyers.

“The housing market continues to benefit from more available inventory, providing prospective homebuyers with additional options and helping support buyer activity as mortgage rates fluctuate,” Khater said.

Other industry sources have reported higher mortgage rate data recently. The Mortgage Bankers Association (MBA), in its survey of mortgage demand for the week ending July 24, cited a 6.76% average for 30-year loans with conforming balances of $832,750 or less and a 6.7% average for loans above that threshold.

Those lofty rates are “continuing to weigh on both refinance and purchase activity,” MBA President and CEO Bob Broeksmit noted in commentary shared with Scotsman Guide on Thursday. His association’s data indicated that mortgage applications fell 6.4% on a seasonally adjusted basis last week, with purchases dipping 4% and refinances plummeting 10%.

“While incoming economic data will continue to shape the outlook for interest rates, elevated borrowing costs remain a challenge this summer for many prospective homebuyers,” Broeksmit stated.

The Mortgage News Daily Rate Index, which tracks daily movements in lender rate sheets, reported a two-basis-point rise in the 30-year fixed to 6.78% on Wednesday. The slight uptick came despite the Federal Reserve leaving the benchmark federal funds rate unchanged earlier in the day.

Mortgage rates take their lead from longer-dated Treasury yields, which moved sharply higher following the Fed rate decision. Market analysts tied the fixed-income sell-off to bond traders taking the lead on the inflation narrative after Fed Chair Kevin Warsh failed to provide sufficient rationale for the rate hold during his press conference Wednesday.

“At what point is [Warsh] going to actually act? That’s what the bond market is looking for,” Ed Yardeni, president of Yardeni Research, noted during a CNBC appearance following the Fed meeting. “Otherwise, the bond vigilantes have the view that if he’s going to talk hawkish but not actually act hawkish, then [traders] are going to have to continue to raise rates.”

The 30-year U.S. Treasury yield climbed to a 19-year high of 5.228% on Wednesday before retreating slightly. The 10-year yield, which the 30-year mortgage rate is closely tied to, ended the core trading session up more than seven basis points at 4.684%.

Eric Orenstein, senior director at Fitch Ratings, struck a pessimistic tone in a statement emailed to Scotsman Guide shortly after the Fed rate announcement.

“Mortgage rates are at their highest level in a year, and as expected the Fed didn’t offer any relief today,” Orenstein said. “We expect refi volumes to remain muted over at least the next few months.”