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.

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.

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

A strong economy drove mortgage rates higher in the past week but it's still an advantageous market for consumers in some ways, according to Freddie Mac.

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

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.