These are today's mortgage and refinance rates. Mortgage rates went up in October and have remain elevated so far this month. But they could ease in 2025.

The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

The best mortgage rates by state will vary based on your location. Compare mortgage rates and lenders to lock in the best mortgage rate before buying your new home.

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Mortgage rates, in particular, surged last year to their highest level since 2000 but have since come down alongside inflation. But it's been a bumpy ride back to the bottom in recent weeks. What, then, does this latest Fed rate cut mean for mortgage interest rates? That's what we'll break down below.

Mortgage rates aren’t directly tied to the federal funds rate like savings and CDs. Instead, they’re tied to the 10-year Treasury yield, which is at its highest level in three months.

Mortgage costs are rising - with the average rate on a two-year fixed deal now at 5.5% - despite a recent cut in interest rates. A string of lenders, including Barclays, HSBC, NatWest and Nationwide, have increased the rates charged on new fixed deals in recent days.

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.

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

These are today's mortgage and refinance rates. If the Fed ends up keeping rates steady next month, we could see mortgage rates tick up slightly.

Market-based rates such as mortgages tend to move in anticipation of future Fed policy — not the policy at the moment when the cuts happen.