The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, increased last week to 6.37% from 6.34% The overall average loan size across both purchase and refinance applications fell to its lowest level since August of this year.

Mortgage rates jumped higher this week, with the 30-year fixed rate averaging 6.37%, up from 6.29% the previous week, according to Bankrate’s latest lender survey.

Mortgage rates average 6.38% as pending home sales increase 15% year over year, with markets watching for another Fed rate cut.

"The recent easing in mortgage rates has begun to open the refinance window for many borrowers, particularly those who originated loans in the past two years," says Andy Walden, head of mortgage and housing market research at ICE, in a release.

The Fed's rate cuts have improved mortgage affordability, but the costs remain substantial for high-value loans.

Regarding mortgage rates, specifically, Redfin agents report that potential homebuyers are holding out for rates to fall below 6% before making a purchase.

Mortgage interest rates increased slightly following the Fed's October meeting, but Rocket Mortgage says that most mortgage applicants still locked in sub-6% rates.

How a government shutdown affects mortgage rates. Ten-year Treasury yields, which mortgage rates closely track, were little changed this week as Congress voted to end