Average rate on a 30-year mortgage in the US rises to the highest level in 8 weeks

The average rate on a 30-year mortgage in the U.S. rose for the third week in a row, reaching its highest level in eight weeks.

The rate rose to 6.44% from 6.32% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.63%.

The last time the average rate was higher was on August 22, when it was 6.46%.

Three weeks ago, the average rate slipped to its lowest level in two years — 6.08% — a boost to home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs.

Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy decisions. That can move the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield on the 10-year Treasury was 4.09% Thursday, up from 3.62% in mid-September, just days before the Fed slashed its benchmark lending rate by a half a point.