The average 30-year fixed mortgage rate climbed to 6.44% this week, Freddie Mac reported. 

Rates dipped to their lowest level in two years at the end of September, hitting 6.08% in the wake of the Federal Reserve Board’s 0.5% rate cut. Mortgage rates are not directly tied to the Fed rates and often fluctuate based on expectations within the market. Since the end of September, the average mortgage rate has climbed each of the last three weeks. 

“In general, higher rates reflect the strength in the economy that is supportive of the housing market” said Sam Khater, Freddie Mac’s chief economist. “But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.”

The 15-year fixed mortgage rate was 5.63% this week.

Last year at this time, the average 30-year rate was 7.63% and the 15-year rate was 6.92%