As of Oct. 18, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.63%, which is 0.13 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.88%, which is also 0.13 percentage points higher than yesterday.

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 are ticking up even after the Federal Reserve has started cutting interest rates. Here's why, and where rates — and home sales — could go from here.

These are today's mortgage and refinance rates. Mortgage rates are down slightly this week but remain elevated compared to where they were last month.

After waiting years for interest rate cuts from the Federal Reserve, home buyers are now facing even higher mortgage rates.

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.

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