3 expensive mortgage rate mistakes homebuyers should avoid this November

After months of rate volatility, homebuyers entering the market this November face a tricky landscape. Getty Images/iStockphoto

After two Federal Reserve rate cuts this fall, many mortgage shoppers expected (and hoped for) relief. Instead, mortgage rates crept higher in late October, a frustrating twist for buyers who thought the central bank's softer stance on its benchmark rate would translate to lower borrowing costs for homebuyers. Right now, average 30-year fixed mortgage rates are hovering above 6.4% — up significantly from the average 6.13% mortgage rate that was available just two weeks ago.

For homebuyers, that uptick in mortgage rates matters. Even a fraction of a percentage point can add hundreds of dollars to a monthly mortgage payment, after all, and over t