"If the Fed doesn't meet in November, I expect mortgage rates to drift with the bond market … modest day-to-day moves, not big swings," says Steven Glick, director of mortgage sales at real estate investment fintech company HomeAbroad.

When the Fed stops buying or begins selling bonds, private investors must step in, often demanding higher yields to compensate for risk. That pushes mortgage rates higher, even if the Fed is cutting short-term interest rates at the same time.

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.

The Federal Reserve cuts interest rates, but the 30-year fixed-rate mortgage rose 14 basis points higher. The 30-year went up from 6.13% to 6.27% per Mortgage News Daily after the Fed announcement bec

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.

The Fed’s cut has grabbed headlines, but mortgage rates can do their own thing. Learn what’s driving them—and what it means if you’re buying or looking to refinance.

The Federal Reserve's 25-basis-point rate cut could lower mortgage rates, presenting opportunities for homebuyers.

Fed Chair Jerome Powell joined the majority of the FOMC to vote for the quarter-point rate cut at Wednesday's meeting in Washington, DC.

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.