The median interest rate on a 30-year fixed-rate mortgage is 6.88% as of November 8, which is 0.11 percentage points lower than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is 0.13 percentage points lower than yesterday.

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

"HELOC rates are typically tied to prime, so they are impacted when the Fed lowers or raises the federal funds rate. I believe these rates will remain flat, but if the Fed lowers the rate in November, you may see a small drop in HELOC rates—not much to get excited about, but every little bit helps," Whitehead says.

A robust U.S. economy is insulating mortgage rate changes from their usual connection with Federal Reserve adjustments to its benchmark interest rate.

Mortgage rates, in particular, surged last year to their highest level since 2000 but have since come down alongside inflation. But it's been a bumpy ride back to the bottom in recent weeks. What, then, does this latest Fed rate cut mean for mortgage interest rates? That's what we'll break down below.

The average 30-year mortgage rate has been above 6% for two years — and is likely to stay above that level for the foreseeable future, experts say. A combination of better-than-