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 on a 30-year home loan have fluctuated throughout the year, reaching a peak of 7.22 percent in May. In late September, the average rate dipped to 6.08 percent, the lowest level in two years, after the Federal Reserve cut interest rates. But mortgage rates have since crept higher until this week.

Consumers have been eagerly awaiting interest rate cuts for several years, hoping the cuts would translate to a reduction in mortgage rates. When the Fed finally slashed interest rates by 0.5% in September,

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

Freddie Mac says the average rate on a 30-year mortgage slipped to 6.78% this week, ending a six-week climb.

The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb. The rate slipped to 6.78% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago,