The rate on a 30-year fixed refinance climbed today. The average rate on a 30-year fixed mortgage refinance is 7.55%, according to Curinos, while the average rate on a 15-year mortgage refinance is 6.

As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.

US mortgage rates topped 7% last week, reaching the highest level since early May and extending a months-long advance that risks restraining the housing market.

Mortgage rates are hovering close to 7 percent, but there are still options for securing a rate in the 3 percent range or lower.

After climbing to their most expensive level in more than seven months, 30-year mortgage rates held steady Tuesday. Rate movement was mixed for other loan types.

Mortgage rates climbed this week, with the 30-year fixed rate averaging 7.19 percent, according to Bankrate’s latest lender survey. Since the Federal Reserve began cutting interest rates in September,