Mortgage rates rose to their highest level since November 2023 this week, according to data released Thursday by mortgage buyer Freddie Mac, with the average rate on the benchmark 30-year fixed mortgage climbing to 7.28%.

Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the 30-year fixed loan up from last week's reading of 7.03%. A year ago, the average rate on a 30-year loan was 6.34%.

Thursday's figure is the highest since Nov. 22, 2023, when the average rate on the 30-year fixed mortgage stood at 7.29%.

The Primary Mortgage Market Survey is Freddie Mac's weekly benchmark of average mortgage rates, compiled from lender-reported figures across the country.

"With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions," said Sam Khater, Freddie Mac's chief economist.

The average rate on the 15-year fixed mortgage also moved higher, climbing to 6.6 from the prior week's reading of 6.42%.

Mortgage rates are shaped by several factors, including the Federal Reserve and geopolitics. While they are not directly affected by the Fed's interest rate decisions, they closely track the 10-year Treasury yield, which hovered around 5.23% as of Thursday afternoon. That linkage is structural: long-term mortgages are commonly bundled into mortgage-backed securities that compete with Treasury bonds for investors, so lenders price loans against long-term Treasury yields. With Freddie Mac updating the survey each week, the 10-year yield is the key data point to watch ahead of the next reading.

"The 30-year mortgage rate has risen nearly a full percentage point over the past year, dramatically affecting buyer budgets," said Realtor.com senior economist Hannah Jones. "That increase has added more than $200 to the monthly principal and interest payment on a median-priced home, even as the median price has fallen year-over-year. In a volatile rate environment, the best thing buyers can do is rate-proof their budget."

Jones added that the headline rate is only part of the picture for prospective homebuyers.

"Even in the same rate environment, most borrowers' rates span nearly a full percentage point depending on their credit score, down payment and choice of lender, a difference worth roughly $28,400 in buying power," she said. "Planning for both the market and their own financial profile can help buyers approach homebuying with confidence."

The figures were first reported by Fox Business.