Mortgage rates for 30-year loans are now at their most expensive level since early May of last year. Most other new purchase loan types increased as well.

The average rate on the 30-year fixed mortgage rose this week to 6.86%, according to the latest Freddie Mac data released on Thursday. That is up from last week's reading of 6.81%.

The average rate on a 30-year mortgage in the U.S. climbed this week to its highest level since mid-February, a setback for home shoppers that threatens to slow sales further this spring homebuying season.