Mortgage rates rose slightly this week after the Federal Reserve cut the benchmark federal funds rate. The average 30-year mortgage rate is now 6.3%, up from 6.26% last week. 15-year mortgage rates also increased to 5.49% from 5.41%. Despite the Fed’s rate cut, mortgage rates don’t directly correlate and can rise after such actions. Refinancing activity has spiked by 80%, with applications to purchase a home remaining stagnant. Economists hope lower mortgage rates will boost home sales, which have been low this year. Existing home sales dropped slightly in August, potentially hitting a 30-year low.

Read more at Yahoo Finance: Mortgage rates move higher despite Fed rate cut