The average rate on a 30-year U.S. mortgage increased slightly to 6.22%, up from 6.19% last week, but still near this year’s low. 15-year fixed-rate mortgages also rose to 5.54%. Mortgage rates are influenced by the Federal Reserve’s interest rate decisions and the 10-year Treasury yield.

The 10-year Treasury yield was at 4.12% on Thursday, slightly higher than the previous week. This rise in mortgage rates follows the Federal Reserve’s third interest rate cut this year. The Fed’s rate cuts do not directly impact mortgage rates, which can fluctuate independently.

Last fall, mortgage rates increased after the Fed’s rate cut, reaching over 7% in January. This summer, rates began declining ahead of the Fed’s September rate cut. The average 30-year mortgage rate dropped to 6.17% on October 30, boosting sales of previously owned U.S. homes.

While the decline in mortgage rates has helped boost home sales, affordability remains a challenge for many buyers. The fall in rates has been beneficial for homeowners looking to refinance, with a 14% increase in refinancing loan applications last week. Economists predict rates to remain slightly above 6% next year.

Read more at Yahoo Finance: Average US long-term mortgage rate ticks up to 6.22%, but remains close to its low for the year