US mortgage rates rose again this week, the fourth-straight weekly increase. That rise in borrowing costs has undone some of the relief Americans felt this summer when mortgage rates fell in anticipation of a rate cut from the Federal Reserve as inflation improved.

As of Oct. 24, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.88%, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is also unchanged from yesterday.

U.S. mortgage rates increased for a fourth straight week this week, suggesting the housing market could remain on the back foot for some time even as the Federal Reserve cuts interest rates.

The average rate on a 30-year mortgage in the U.S. rose again this week, reaching its highest level in nearly three months.

Mortgage rates rose to the highest level since early August last week. The average rate on the standard 30-year fixed mortgage reached 6.54%, according to a survey of lenders by Freddie Mac. Mortgage rates fell toward 6% in the build up to the Federal Reserve's interest-rate cut in September,

More Canadian homeowners are considering switching to variable rate from fixed rate mortgages after an unusually large interest rate cut by the central bank on Wednesday, mortgage brokers said.

These are today's mortgage and refinance rates. Mortgage rates have risen this month in spite of the Fed's 50-basis-point rate cut in September.

The average 30-year mortgage rate has surged over the course of October, returning to highs last seen in the summer.