These are today's mortgage and refinance rates. Mortgage rates have risen this month in spite of the Fed's 50-basis-point rate cut in September.

Rates on 30-year loans had wavered for two weeks, but have now pushed higher for four days, reaching their highest level since July. Most other loan types also climbed.

As of Oct. 23, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.88%, which is 0.13 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is 0.12 percentage points higher than yesterday.

Applications for mortgages fell to the lowest level in three months as high rates weighed on home buyers. Activity as measured by the market composite index — a measure of mortgage application volume — was down in the past week,

With a fourth daily increase, 30-year refi rates have risen to their most expensive level in more than 10 weeks—rising up from the 19-month low they sank to in September.

Why are home prices still rising even as mortgage rates have gone higher? A number of people predicted that home prices would experience a steep drop as mortgage rates rose, but that’s not what has happened.

Interest rates and gas prices were lower before Biden’s presidency. However, the numbers cited in the post are not precise and lack some context. The posts appear to reference the 30-year fixed mortgage rate—the interest rate at which borrowers can repay a 30-year home loan.