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.

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

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 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,

Mortgage rates are headed higher again and some experts think it’s not impossible that the key 30-year rate will approach 7% again, after falling to a low

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 the popular 30-year fixed-rate mortgage rose to 6.

The continued strength in the economy drove mortgage rates higher once again this week,” said Sam Khater, Freddie Mac’s chief economist. “Over the last few years, there h