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.

The interest rate for the most popular U.S. home loan rose last week to an eight-month high of 7.09%, extending an upward trend that's squeezing would-be homebuyers already facing rising house prices and limited supply.

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.

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 demand has started stronger this year compared to last, despite higher interest rates. According to the Mortgage Bankers Association’s seasonally adjusted index, total mortgage application volume was 7% higher last week than one year ago.