Mortgage rates in the U.S. rose for a second straight week, reaching the highest level since early September.

The average for a 30-year fixed loan was 6.32%, up from 6.12% last week, Freddie Mac said in a statement Thursday. It was the biggest one-week jump since April. 

A year ago, the rate averaged 7.57%. Two weeks ago, the average rate slipped to its lowest level in two years — 6.08% — boosting home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs.

The new leap adds pressure on homebuyers facing sky-high prices and a limited supply of houses for sale.

Until the past two weeks, rates had been mostly declining since July in anticipation of last month’s move by the Federal Reserve to cut its main interest rate for the first time in more than four years. Fed officials also signaled they expect further cuts this year and in 2025 and 2026. The rate cuts should, over time, lead to lower borrowing costs on mortgages.

Borrowing costs climbed along with 10-year Treasury yields, which topped 4% this week after robust September jobs data spurred traders to scale back expectations for aggressive Federal Reserve interest-rate cuts. A key measure of inflation for last month rose more than forecast, boosting bets that the Fed will opt for a smaller reduction in November.

“The rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year,” Sam Khater, Freddie Mac’s chief economist, said in the statement. “Although higher rates make affordability more challenging, it shows the economic strength that should continue to support the recovery of the housing market.”

About 84% of current mortgages have a rate of 6% or lower, according to a recent analysis by Realtor.com. Borrowers who have been waiting for costs to fall below that level before listing their homes for sale and purchasing new ones — and prospective first-time buyers in search of affordability — may now find reason to hesitate even longer.

Economists generally expect mortgage rates to remain near their current levels, at least this year. Fannie Mae projects the rate on a 30-year mortgage will average 6.2% in the October-December quarter and decline to an average of 5.7% in the same quarter next year.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also increased again this week. The average rate rose to 5.41% from 5.25% last week. A year ago, it averaged 6.89%, Freddie Mac said.

But for some potential buyers, now may be a good time to act because more favorable rates may not materialize any time soon, according to Melissa Cohn, regional vice president of William Raveis Mortgage.

“This is a wake-up call, saying that no, you better find a house you want to buy and then worry about rates secondly,” she said. “You cannot wait for a rate that may never exist.”