Long-term mortgage costs have risen since the Federal Reserve started cutting interest rates in September as the yield curve has steepened.

This uptick underscores the challenges facing the Federal Reserve, which began easing interest rates in September in response to declining price pressures and signs of a weaker labor market. The Fed slashed its benchmark rate by 0.

So far this week, seven high street lenders have increased their mortgage rates - despite the Bank of England reducing the base rate to 4.75%.

Mortgage rates feel unaffordable today, but they're not that that high in a historical sense. Here's a closer look.

Mortgage rates reached their highest level since July, but it didn’t deter homebuyers as purchase applications increased.