Mortgage Rates Rise Slightly After Fed's First Rate Cut in Four Years

The Federal Reserve's recent rate cut has influenced mortgage rates, which have edged up again after a brief decline.

The average 30-year fixed mortgage rate has increased to approximately 6.01% after dropping to a two-year low earlier this week.
The Federal Reserve announced a 0.50 percentage point cut to the federal funds rate, marking its first reduction since 2020.
Rates for 15-year fixed mortgages also saw a slight increase, now averaging around 5.11%.
Despite the recent rise, current mortgage rates remain significantly lower than last year's peaks, which exceeded 7%.
Economic factors such as inflation trends and Federal Reserve policies continue to influence mortgage rate fluctuations.