Long-term mortgage rates again cross 7% mark after last week's marginal decrease

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Long-term rates crossed 7% mark for the week ending Nov. 10, after last week's dip.

30-year fixed-rate mortgage averaged 7.08% with an average 0.9 point for the week, up from last week when it averaged 6.95% and higher than 2.98% a year ago, according to the Freddie Mac Primary Mortgage Survey.

15-year fixed-rate mortgage averaged 6.38% with an average 1.0 point, up from last week when it averaged 6.29% and higher from 2.27% a year ago.

5-year Treasury indexed hybrid adjustable-rate mortgage averaged 6.06% with an average 0.2 point, up from last week when it averaged 5.95% and higher than 2.53% a year ago.

"As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent," Chief Economist Sam Khater said.

Here is a look at the U.S. 30-year fixed rate mortgage movement YTD: