“Eight is great,” children learned from the Count during a memorable “Sesame Street” segment, but it’s a phrase prospective homebuyers would prefer to forget these days.

The 30-year fixed-rate mortgage averaged 7.28% for the weekly period ending Thursday, Freddie Mac reported, up from 7.03% the prior week. That quarter-point increase is the largest weekly gain since October 2022 and puts a potential 8-handle in play for 2026.

“With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions,” Sam Khater, Freddie Mac’s chief economist, said in a statement accompanying the rate survey data.

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The 30-year rate is now 94 basis points above its level a year ago. The 15-year fixed rate averaged 6.6% this week, up 18 basis points for the week and more than a full percentage point above last year’s mark.

Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), observed that the sixth straight week of increases has mortgage rates approaching a three-year high.

“Affordability and borrower demand have weakened in recent weeks as the higher-rate environment continues to put pressure on both prospective homebuyers and homeowners looking to refinance,” he noted.

MBA data shows overall mortgage demand falling 6% on a seasonally adjusted basis for the week ending Sept. 25. Refinance demand was particularly impacted by the unfavorable rate conditions, with applications decreasing by 9%.

Selma Hepp, chief economist of Cotality, said the 30-year could reach as high as 9% based on trends in 10- to 30-year Treasury yield spreads.

“It’s possible that mortgage rates go up to 9%, but it’s really not our base-case scenario,” Hepp told CNBC’s Sara Eisen during an interview Monday. “It’s more of a severe scenario in which Treasurys go up to 6% or 7%, and that would really be triggered by several major disruptions that would have to happen simultaneously.”