Mortgage Rates Climb Despite Recent Fed Rate Cut

The expected drop in mortgage rates has not materialized, with rates rising due to strong economic indicators.

Mortgage rates have increased by 47 basis points since the Federal Reserve's rate cut in September, now averaging around 6.62%.
The rise in mortgage rates is attributed to strong job growth and an increase in the 10-year Treasury bond yield.
Experts predict further Fed rate cuts, but their impact on mortgage rates remains uncertain due to other economic factors.
Housing market activity is sluggish, with rates still high compared to historic lows, affecting refinancing opportunities.
The Federal Reserve's next rate announcement is anticipated in November, with market expectations of another rate cut.