Mortgage Rates Hit Four-Month High Despite Fed Rate Cuts

Recent Federal Reserve rate cuts have not yet led to a significant drop in mortgage rates, which remain elevated in November.

National average for 30-year fixed mortgage rates rose to 6.93%, marking the highest level since July.
Refinance rates for 30-year loans slightly decreased to 7.12% but are still near their highest since August.
Despite two Federal Reserve rate cuts this year, mortgage rates have not significantly decreased, remaining near 7%.
Factors influencing mortgage rates include bond market trends, Federal Reserve policies, and lender competition.
Borrowers are advised to shop around for the best rates, as individual offers can vary based on credit score and other factors.