Despite its recent upward move, the average rate on a 30-year mortgage is still down from 7.22 percent in May, its peak so far this year. In late September, the average rate got as low as 6.08 percent — its lowest level in two years.

Mortgage rates fell slightly in the week ending Nov. 14, marking the first time weekly rates have gone down since September. The average rate on a 30-year fixed-rate mortgage dropped seven basis points to 6.79%, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point.

Long-term mortgage costs have risen since the Federal Reserve started cutting interest rates in September as the yield curve has steepened.

So far this week, seven high street lenders have increased their mortgage rates - despite the Bank of England reducing the base rate to 4.75%.

Earlier on Thursday, mortgage rates rose again for the sixth consecutive week, hitting a four-month high of 6.79%, according to Freddie Mac. The Fed's latest rate cut, which was universally expected and thus fully priced in to bond markets, is unlikely to bring relief to mortgage rates in the near term.

New figures from the Central Bank today show that Irish mortgage rates fell to their lowest level in over a year in September.

Mortgage rates leveled off this week after climbing for six consecutives weeks, stalling along with demand in the stagnant housing market amid an affordability crisis.

It's easy to hold up sub-3% mortgage rates as the gold standard. Four years ago, the average rate for a 30-year fixed mortgage was 2.65%. Bargain mortgage rates made it cheaper to purchase a house and refinance a mortgage,

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.25% for a 15-year fixed-rate mortgage