Lower Fed rates don't always mean lower mortgage costs. Learn why, what you can control, and how to save smarter -- read this before you buy or refinance.

The current mortgage rate on a 30-year fixed mortgage rose by 2.20% in the last week to 6.32%, according to the Mortgage Research Center. Meanwhile, the APR on a 15-year fixed mortgage climbed 0.21 percentage point during the same period to 5.

Mortgage rates just hit their lowest point since 2022, which means there are a few moves buyers should make now.

Powell's remarks followed soon after the first Fed rate cut in nine months, which brought the central bank's rate down by a quarter-point.

Today's average mortgage rate on a 30-year fixed-rate mortgage is 6.35%, up 3.22% from the previous week, according to the Mortgage Research Center. Borrowers may be able to save on interest costs by going with a 15-year fixed mortgage,

The housing market forecast for 2025 improves as mortgage rates decline. Bank of America reports increased buyer optimism with 75% expecting lower prices and rates in the coming months.