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.

The average rate on a 30-year mortgage rose to 6.44% this week, Freddie Mac says, the highest level in 8 weeks.

Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) increased again this week,