Mortgage rates move higher despite Fed rate cut

Mortgage rates rose slightly this week as financial markets adjusted after the Federal Reserve cut the benchmark federal funds rate. The average 30-year mortgage rate was 6.3% through Wednesday, up from 6.26% last week, according to Freddie Mac data. 15-year mortgage rates rose to 5.49% from 5.41%. The Fed doesn’t directly control mortgage rates, and it’s not unusual for mortgage rates to rise even after benchmark interest rates are cut. A similar dynamic occurred last year, with mortgage rates hitting th ...