Mortgage rates rose for the seventh consecutive week, reaching their highest level in nearly three years, according to data from the Mortgage Bankers Association released Wednesday.

The 30-year fixed-rate hit 7.49% for the week ending Oct. 2, the highest point since the week ending Nov. 10, 2023, when MBA rates were at 7.61%.

The MBA's average mortgage rate data is separate from that of Freddie Mac, government-sponsored data which will be released tomorrow. Last week, Freddie Mac said rates averaged 7.28%.

The two surveys have different methodologies and Freddie Mac's data encompasses loan rates offered the prior Thursday through Wednesday. MBA's rates typically track above those released by Freddie Mac.

Mortgage applications fell 4.2% from the week earlier, MBA said, marking the fifth consecutive week of declines.

Economists, real-estate agents and mortgage brokers have reported that buyer activity has ground to a halt since the latest run-up in mortgage rates. Adjustable rate mortgages, which offer buyers a lower rate for a certain period, have grown in popularity. But many buyers have simply opted to hold off as higher rates combine with record home prices to push monthly payments beyond what many Americans can afford.

Mortgage rates tend to track the 10-year Treasury yield, which has hit multidecade highs amid investor concerns about inflation and surging government deficits.