Fed expected to cut interest rates
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Mortgage rates are already at their lowest levels in over a year, so it remains to be seen whether the Federal Reserve's October rate cut will drive rates lower – or if the rate cut was already priced in.
The current mortgage rate on a 30-year fixed mortgage rose by 2.00% in the last week to 6.31%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage climbed 0.14 percentage point during the same period to 5.
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Fed Cuts Rates Again, Though Mortgage Rates Are Already Down
The Federal Reserve announced a 25-basis-point cut to the federal funds rate at the conclusion of its meeting on Wednesday, Oct. 29. The bankers had shifted into rate-cutting mode back in September with a crop of the same size. A basis point is one one-hundredth of a percentage point, so today’s trim amounts to a quarter of a percentage point.
Any decision by the Federal Reserve to end its "quantitative tightening" program to shrink its balance sheet could nudge mortgage rates lower, said Sam Williamson, senior economist at First American.
Rates have been flirting with long term lows over the past 2 weeks, but today made it official.  Today's average top tier 30yr fixed rate perfectly matched that seen on September 16th, 2025.