Long-term mortgage costs have risen since the Federal Reserve started cutting interest rates in September as the yield curve has steepened.

The mortgage interest rates of 2020 and 2021 may never reappear but, if they do, it will be a gradual process to get them back there (minus a catastrophic economic downturn). Homebuyers and homeowners looking to refinance, then, shouldn't wait for a perfect circumstance that's unlikely to materialize.

On Nov. 7, the Federal Reserve implemented a 0.25% reduction to the federal funds rate, its second cut in over four years. Prospective homebuyers are eager for a silver lining in the housing market. But experts don't anticipate dramatically lower rates before the end of the year.

Earlier on Thursday, mortgage rates rose again for the sixth consecutive week, hitting a four-month high of 6.79%, according to Freddie Mac. The Fed's latest rate cut, which was universally expected and thus fully priced in to bond markets, is unlikely to bring relief to mortgage rates in the near term.

These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but they're still higher than they've been in recent months.

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, experts say. A combination of better-than-

The average 30-year mortgage rate remains high despite the Federal Reserve again dropping its key interest rate.