To cope with rising borrowing costs, some homebuyers are turning to adjustable-rate mortgages, or ARMs. These types of loans accounted for nearly 8% of all mortgage applications last week, the highest level this year, the Mortgage Bankers Association said Wednesday.

The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s b

The 30-year fixed-rate mortgage rose and averaged 7.22% as of May 2, according to data released by Freddie Mac on Thursday.

The average 30-year fixed mortgage rate reached its highest level in five months this week, at 7.22%, according to Freddie Mac. It was the fifth straight increase for the weekly measure. Last year at this time,

Long-term mortgage rates rose for the fifth consecutive week, according to the Freddie Mac Primary Mortgage Survey. 30-year fixed-rate mortgages averaged 7.22% as of May 2, up from last week when they averaged 7.