Mortgage rates jump amid interest rate cut uncertainty. What it means for homebuyers.

Mortgage rates climbed to the highest level since Oct. 9 amid disappointment a third consecutive rate cut in December may not materialize, analysts said.

The Federal Reserve on Oct. 29 lowered its short-term benchmark rate by a quarter point to 3.75%-4%. However, Fed Chair Jerome Powell said in a press conference a December rate cut “is not a foregone conclusion," dashing market expectations for one.

Before the Fed lowered interest rates in September, mortgage rates fell to 6.13%, the lowest level in nearly a year in anticipation of a rate cut.

After the Fed produced a 0.25-percentage point reduction, mortgage rates rose.

Mortgage rates may ease slightly to aroound 5.9% to 6.0%, BOK Financial predicted.

A HELOC is a revolving line of credit secured by the equity in your home.

Medora Lee is a money, markets and personal finance reporter at USA TODAY.

You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.