Mortgage rates rose to the highest level in nearly two months. The average rate on a standard 30-year fixed mortgage rose to 6.44%, according to a survey of lenders released Thursday by the mortgage-finance company Freddie Mac.

Generally, higher rates reflect the strength in the economy, which helps support the housing market. But as mortgage rates rise, they can also add hundreds of dollars a month in costs for borrowers, reducing home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs.

Mortgage interest rates in the mid-sixes don't feel great. The current average is about half a percentage point higher than it was a month ago. But remember also that today's interest rates are more than three-quarters of a percentage point lower than the highs we saw back in spring.

It’s been a month since the Federal Reserve shifted from fighting inflation with high interest rates to supporting the job market with the first in what is expected to be a series of rate cuts.

Mortgage rates climbed again for a third straight week, further dinging demand as the housing market continues to suffer from an affordability crisis.

The average rate on a 30-year mortgage in the U.S. moved higher for the third week in a row and reached the highest level since late August

Mortgage rates rose for the third week in a row as the U.S. economy continued to show signs of strength. The 30-year mortgage rate jumped to the highest level since mid-August, averaging 6.44% as of Oct.

Higher mortgage rates mean fewer buyers and refinancers are moving forward with transactions. The average on a 30-year loan hit 6.44%.