Refinance rates on 30-year mortgages subtracted 6 basis points for a second consecutive day Wednesday, reducing the national average to 6.71%. That lowers it from a recent two-month high, but it remains 70 basis points above the 19-month low we saw Sept. 16—when the average sank to 6.01%.

As of Oct. 17, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.50%, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.75%, which is also unchanged from yesterday.

These are today's mortgage and refinance rates. Mortgage rates have eased this week, but we might not see them drop substantially until next year.

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.

It’s been a month since the Federal Reserve shifted from fighting inflation with high interest rates to supporting the job market with the first in what is expected to be a series of rate cuts.

Mortgage rates rose to the highest level in nearly two months. The average rate on a standard 30-year fixed mortgage rose to 6.44%, according to a survey of lenders released Thursday by the mortgage-finance company Freddie Mac.