Generally, higher rates reflect the strength in the economy, which helps support the housing market. But as mortgage rates rise, they can also add hundreds of dollars a month in costs for borrowers, reducing home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs.

The average rate on a 30-year mortgage in the U.S. moved higher for the third week in a row and reached the highest level since late August.

Higher mortgage rates mean fewer buyers and refinancers are moving forward with transactions. The average on a 30-year loan hit 6.44%.

Mortgage rates rose for the third week in a row as the U.S. economy continued to show signs of strength. The 30-year mortgage rate jumped to the highest level since mid-August, averaging 6.44% as of Oct.