Current mortgage rates are down today and lower than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate until now.

The Federal Reserve cuts interest rates, but the 30-year fixed-rate mortgage rose 14 basis points higher. The 30-year went up from 6.13% to 6.27% per Mortgage News Daily after the Fed announcement bec

The Federal Reserve announced a 25-basis-point cut to the federal funds rate at the conclusion of its meeting on Wednesday, Oct. 29. The bankers had shifted into rate-cutting mode back in September with a crop of the same size. A basis point is one one-hundredth of a percentage point, so today’s trim amounts to a quarter of a percentage point.

Rates have been flirting with long term lows over the past 2 weeks, but today made it official.  Today's average top tier 30yr fixed rate perfectly matched that seen on September 16th, 2025.

Any decision by the Federal Reserve to end its "quantitative tightening" program to shrink its balance sheet could nudge mortgage rates lower, said Sam Williamson, senior economist at First American.