Interest rates continue to climb, with the 30-year fixed-rate mortgage averaging 6.91% as of Jan. 2, up from last week’s average of 6.85%. One year ago, at this time, the 30-year mortgage rate averaged 6.62%.

This marks the third week in a row in which rates have moved higher, rising from 6.60% on Dec. 12 to 6.91% this week. The 15-year fixed-rate mortgage averaged 6.13% this week, up from 6.0% a week earlier. One year ago, at this time, the 15-year mortgage rate averaged 5.89%.

“Inching up to just shy of 7%, mortgage rates reached their highest point in nearly six months,” said Sam Khater, Freddie Mac’s chief economist. “Compared to this time last year, rates are elevated, and the market’s affordability headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.”

Mortgage rates tend to follow the 10-year Treasury yield, which has been rising since mid-September when it was at 3.642%. As of Friday morning, the yield was up as high as 4.583%.

One of the reasons for the rising rates appears to be continued fears of inflation reigniting in light of a stronger economic outlook and the Republican sweep of Congress and the White House. Many economists see Donald Trump’s administration potentially ushering in inflationary policies, such as imposing tariffs on imported goods, deporting millions of workers in the country illegally and having greater control over the Federal Reserve and decisions concerning interest rates.