Mortgage rates are now at their highest level in months as the Federal Reserve prepares for what will likely be yet another interest rate hike later in July.

As of this week, the average rate on a 30-year fixed-rate mortgage was 6.81%, up a tenth of a percentage point from the week before, according to Freddie Mac. Mortgage rates are now the highest they have been since November when they skyrocketed to above 7%.

This most recent number is up from a recent trough of 6.08% registered in February. The rate on an average 15-year, fixed-rate mortgage is now sitting at 6.24%.

The higher mortgage rates come as the Fed signals its target interest rate (which is a different, very short-term rate) will likely be raised once again. The central bank paused its monetary tightening during its June meeting, although Federal Open Market Committee participants made it clear that the pause was likely to be temporary in nature.

The Fed’s updated projections that were released following its last meeting showed that central bank officials expect two more rate increases over the next year, more than penciled in its spring projections. (Read more from “Mortgage Rates Spike to 6.81% Shutting Buyers ‘Out of the Market’” HERE)

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