Most outstanding mortgages have a 6% or lower rate, which creates a " lock-in effect " for many current owners who don't want to swap a low rate for a higher one. This could limit homeowners’ willingness to sell, slowing or stalling the housing market.

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 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.

These are today's mortgage and refinance rates. Mortgage rates are down slightly this week but remain elevated compared to where they were last month.

The average rate on a 30-year mortgage in the United States rose for the third week in a row, reaching its highest level in eight weeks. The rate rose to 6.44 percent from 6.32 percent last week, mortgage buyer Freddie Mac said Thursday.