The average interest rate on a 30-year mortgage in the US rose for the sixth straight week, returning to the highest level since early July.

Interest rates rose to 6.79% from 6.72% last week, mortgage buyer Freddie Mac said Thursday. That is still less than a year ago, when the average rate was 7.5%.

Borrowing costs for 15-year fixed-rate mortgages, popular with homeowners looking to refinance their home loans at a lower interest rate, also rose slightly this week. The average rate rose to 6% from 5.99% last week. A year ago, this averaged 6.81%, Freddie Mac said.

When mortgage rates rise, costs for borrowers can increase by hundreds of dollars per month, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even as the housing market remains in a sales slump that is receding until 2022.

Mortgage rates are influenced by several factors, including the yield on 10-year U.S. Treasury bonds, which lenders use as a guide to pricing home loans. Bond yields have risen on encouraging news about inflation and the economy.

Bond yields rose this week on expectations that President-elect Donald Trump’s plans for higher rates, lower taxes and lighter regulations could lead to greater economic growth, inflation and U.S. government debt.

The yield on 10-year government bonds was 4.36% on Thursday afternoon. In mid-September this was still 3.62%.

The average interest rate on a 30-year home loan has not been this high since July 11, when it was 6.89%. At the end of September, the average interest rate fell to 6.08% – the lowest level in two years – following the Federal Reserve’s decision to cut its key interest rate for the first time in more than four years.

Although the central bank does not set mortgage rates, its policy pivot has paved the way for a general decline in mortgage rates.

“While we still expect mortgage rates to stabilize by year’s end, they will likely be at higher levels than markets initially expected ahead of election week,” said Ralph McLaughlin, senior economist at Realtor.com.

The recent rise in mortgage rates has discouraged some potential home buyers. According to the Mortgage Bankers Association, mortgage applications fell for the sixth week in a row last week, falling a seasonally adjusted 10.8% from the previous week.

Applications for loans to refinance a mortgage fell by 19%, although they were still 48% higher than the same week last year, when interest rates were higher.

“Interest rates and borrower demand are likely to remain volatile in the coming weeks as financial markets digest both the election results and the Fed’s upcoming monetary policy decisions,” said Bob Broeksmit, CEO of MBA.