The average long-term U.S. mortgage rate ticked up again this week, remaining at its highest level since July.

The benchmark 30-year fixed rate loan rate rose to 6.93% from 6.91% last week, according to mortgage giant Freddie Mac. It was at 6.66% a year ago. It has risen for four straight weeks.

The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages, specifically the yield on the U.S. 10-year Treasury. The yield on the 10-year Treasury has climbed from 3.62% in mid-September to 4.66% this week.

The increase is occurring with the price of homes rising steadily.

While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market remains in a slump and on track for its worst year since 1995.

Dockworkers reach deal, avert strike

A U.S. dockworkers union reached a tentative deal on a new labor contract with a group of ocean carriers and terminal operators that, if ratified would avoid a shutdown of East and Gulf coast ports next week.

“We are pleased to announce that ILA and USMX have reached a tentative agreement on a new six-year ILA-USMX Master Contract, subject to ratification, thus averting any work stoppage on January 15, 2025,” the International Longshoremen’s Association and U.S. Maritime Alliance said in a joint statement.

The two sides agreed to continue operating under their contract — which was extended after a three-day strike in October shut every major port the eastern and southern coasts of the U.S. — until the union representatives can vote, and USMX members can ratify the terms of the final contract.