While the Fed doesn’t regulate your mortgage rate, the central bank sets the funds rate to impact the economy. This action indirectly influences the loan rates consumers pay. The Fed kept the key rate near zero during its last meeting, with no forecasted rate hikes through 2023.

As of Oct. 18, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.63%, which is 0.13 percentage points higher than yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 5.88%, which is also 0.13 percentage points higher than yesterday.

Many Americans have been priced out of purchasing a home or making a move for years now amid elevated mortgage rates, sky-high home prices, and squeezed budgets due to inflation.

The impact? It’s been pretty much as expected: a boost for stock market investors and so-so news for savers. But for prospective homebuyers, it’s brought more frustration: Mortgage rates have actually risen in recent weeks. Statewide, the median home price jumped 6.2 percent, to $600,000, as sales fell 3.7 percent.

Mortgage rates are ticking up, even after the Federal Reserve has started cutting interest rates. Here's why, and where rates — and home sales — could go from here.