Average rate on a 30-year mortgage in the US rises again to highest level in nearly 3 months

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

The rate rose to 6.54% from 6.44% last week, mortgage buyer Freddie Mac said Thursday. Despite the recent uptick, the average rate is down from a year ago, when it climbed to a 23-year high of 7.79%.

When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers. The average rate has now risen four weeks in a row. It hasn’t been this high since August 1, when it was 6.73%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also increased this week. The average rate rose to 5.71% from 5.63% last week. A year ago, it averaged 7.03%, Freddie Mac said.