These are today's mortgage and refinance rates. Mortgage rates have remained elevated in spite of recent Fed cuts. But they may drop next year.

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

F or the second time in three months, the Federal Reserve issued a cut to its federal funds rate on Thursday. Now at a range between 4.50% to 4.75%, the rate is down 75 basis poin

The latest rise, to 6.79% for a 30-year mortgage, reflects bond market concern about President-elect Trump’s agenda. It extends an uptick in mortgage rates despite expected Federal Reserve rate cuts.

The Fed cut rates for the second time this year. Learn how this impacts mortgage rates and what to expect in the coming months.

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

Many experts expect the Federal Reserve to cut the federal funds rate at its early November meeting. The CME FedWatch Tool indicates a 98.4% probability that the Fed will lower the rate by 0.25%, or 25 basis points.

Many Americans have been holding back from jumping into the housing market in the hopes that mortgage rates will decline. So far, they haven’t. The average 30-year mortgage rate has been above 6% for two years — and is likely to stay above that level for the foreseeable future,

The Fed wants to push down the cost of borrowing money for homes, cars and other purchases. But mortgage rates aren’t determined by the Fed, they’re heavily influenced by Treasury yields, which go up and down based on economic expectations.

California, New York, and Florida currently have the lowest 30-year mortgage refi rates Editor's Note: Investopedia will not publish daily mortgage rate news on Monday, Nov. 11, in observance of Veterans Day.