America’s most popular home loan got more expensive again this week, striking yet another blow to haggard home shoppers staring at the steepest borrowing costs in 20 years.

The average 30-year fixed mortgage rate — now flirting with the 7% mark — is more than double what it was at the beginning of the year.

Even as the surge in home prices continues to slow down, dramatically higher financing costs are pushing buyers onto the sidelines — or out of the market entirely.

“The numbers just don’t work for them anymore,” says Lisa Sturtevant, an economist with Bright MLS in the mid-Atlantic region.

“That 7% line is also something of a mental hurdle for buyers, even those who still qualify,” she says. “They may be waiting to see if rates are going to come down.”

Yet while many would-be buyers have stopped looking, others have found sort of a workaround to the higher rates.

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30-year fixed-rate mortgages

The average rate on a 30-year mortgage jumped to 6.92% this week, up from 6.66% a week earlier, mortgage giant Freddie Mac reported on Thursday. Last year at this time, the rate averaged 3.05%.

The 30-year rate hasn’t been this high since April of 2002.

“We continue to see a tale of two economies in the data: Strong job and wage growth are keeping consumers’ balance sheets positive, while lingering inflation, recession fears and housing affordability are driving housing demand down precipitously,” says Sam Khater, Freddie Mac’s chief economist.

“The next several months will undoubtedly be important for the economy and the housing market.”

15-year fixed-rate mortgages

The typical rate on a 15-year mortgage was 6.09% this week, up from 5.90% last week, Freddie Mac says.

A year ago at this time, the 15-year rate averaged 2.30%.