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,

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.

After hovering for two weeks, 30-year mortgage rates have now climbed higher for a week—reaching their highest level since July. Most other loan averages also rose Wednesday.

Mortgage rates climbed for the fourth consecutive week, hitting the highest levels since August and adding a fresh chill to the housing market as it enters a seasonal slow period. The average 30-year fixed interest rate crept up to 6.54% in the week through Wednesday, according to Freddie Mac data. Last week, it averaged 6.44%.

Rates on 30-year loans had wavered for two weeks, but have now pushed higher for four days, reaching their highest level since July. Most other loan types also climbed.