Most outstanding mortgages have a 6% or lower rate, which creates a " lock-in effect " for many current owners who don't want to swap a low rate for a higher one. This could limit homeowners’ willingness to sell, slowing or stalling the housing market.

These are today's mortgage and refinance rates. Mortgage rates have increased this month, but they're still expected to go down throughout 2025.

As of Oct. 18, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.63%, which is 0.13 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.88%, which is also 0.13 percentage points higher than yesterday.

The average rate on a 30-year mortgage in the U.S. moved higher for the third week in a row and reached the highest level since late August.

What’s wrong with this picture,” prospective homebuyers may be asking. The Federal Reserve cut interest rates by .50% but mortgage rates have risen for th