The current median interest rate is 6.49% for a 30-year fixed-rate mortgage and 5.63% for a 15-year fixed-rate mortgage.

The average rate on a 30-year mortgage is down from 7.22% in May, its 2024 peak. Rates have been mostly declining since July in anticipation of last month’s move by the Federal Reserve to cut its main interest rate for the first time in more than four years.

It's been a strange and frustrating couple of weeks for anyone who mistakenly believed that mortgage rates would move lower after the Fed rate cut.  To be sure, there is plenty of that sentiment out there according to the just released Fannie Mae sentiment survey showing the highest net percentage of respondents who thought rates would go down since the survey began in 2021.

These are today's mortgage and refinance rates. Mortgage rates have inched up near 6% in response to expectations of smaller Fed cuts this year.