Mortgage costs are rising - with the average rate on a two-year fixed deal now at 5.5% - despite a recent cut in interest rates. A string of lenders, including Barclays, HSBC, NatWest and Nationwide, have increased the rates charged on new fixed deals in recent days.

These are today's mortgage and refinance rates. Mortgage rates have increased a bit as markets look to whether the Fed will cut rates in December.

The average 30-year fixed-rate mortgage in the U.S. slightly dipped to 6.78% for the week ending Nov. 14, barely changed from 6.79% a week prior, according to Freddie Mac data via the Federal Reserve.

Mortgage rates aren’t directly tied to the federal funds rate like savings and CDs. Instead, they’re tied to the 10-year Treasury yield, which is at its highest level in three months.

The Fed has two main objectives: maintain maximum employment and contain inflation. Although one single data point is never decisive, when inflation is high, the Fed generally raises interest rates to slow demand. When the unemployment rate is high, the Fed often lowers interest rates to stimulate consumer activity.

Thinking about taking out a mortgage loan? Current mortgage rates fall to 6.88% for 30-year terms, while 15-year terms decrease to 6.13%.

Mortgage rates held near 7%. The average rate on the standard 30-year fixed mortgage edged lower to 6.78%, according to a survey of lenders released Thursday by the mortgage-finance firm Freddie Mac.

The Fed has dropped the nation's lending rate again, but mortgage rates haven't dipped. The FOX 5 I-Team's Dana Fowle went to an economist to understand the reason why.

In September, the Federal Reserve lowered its benchmark interest rate by half a percentage point. That was then followed by a quarter-point rate cut in November. Unlock a bonus worth $250 and pause interest into 2026 – this credit card is the perfect combo!