Millions waited for the Federal Reserve to lower interest rates, expecting a direct impact on mortgage rates. However, rates haven’t budged a week after the rate cut, with some even rising. Factors like inflation, Treasury bond yields, and oversupply are keeping mortgage rates high and forecasted to stay that way. Overseas demand for U.S. bonds is also declining, further impacting rates. The near-term outlook suggests that mortgage rates won’t decrease significantly in the near future. The average 30-year rate is currently at 6.3%, with predictions that it won’t drop below 6% until the end of 2026. Homebuyers are advised not to wait for rates to decrease significantly and should consider locking in at today’s rates. Shopping aggressively for lower rates and keeping an eye out for refinancing opportunities in the coming months may be beneficial.

Read more at Yahoo Finance: Oh No! Mortgage Rates Are Actually Going Up After the Fed Rate Cut. What Gives, and When Will They Come Back Down?