Freddie Mac reported that the average long-term U.S. mortgage rate climbed to 7.08% from 6.94% at the end of October. A year ago, the 30-year rate averaged 3.14%.

The 15-year fixed-rate mortgage averaged 6.36%, up from last week’s average of 6.23%. A year ago at this time, the 15-year FRM averaged 2.37%.

Finally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 5.96%, up from last week’s 5.71% average. A year ago at this time, the 5-year ARM averaged 2.56%.

The Fed has raised its key benchmark lending rate five times this year in an effort to reduce skyrocketing inflation, including three consecutive 0.75 percentage point increases that have brought its key short-term borrowing rate to a range of 3% to 3.25%, the highest level since 2008.

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