Mortgage rates continued to climb last week amid a stronger-than-expected economy and geopolitical uncertainty in the Middle East.

The 30-year fixed-rate mortgage averaged 7.63% in the week ending October 19, up from 7.57% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 6.94%.

“Mortgage rates continued to approach 8% this week, further impacting affordability,” said Sam Khater, Freddie Mac’s chief economist, in a statement.

The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. A current buyer’s rate may be different.

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