Consumers have been eagerly awaiting interest rate cuts for several years, hoping the cuts would translate to a reduction in mortgage rates. When the Fed finally slashed interest rates by 0.5% in September,

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but they're still higher than they've been in recent months.

Mortgage interest rates plunged in 2020 in response to a cut to the federal funds rate sparked by the pandemic. But they rose exponentially in the years that followed as inflation surged and the Federal Reserve issued a series of interest rate hikes aiming to keep it from rising further.