These are today's mortgage and refinance rates. Mortgage rates ticked down a bit, but they remain elevated. Rates could drop later this year as inflations lows.

The Fed announced its sixth straight rate hold yesterday and signaled that 2024 rate cuts are not on the near horizon. What could this mean for mortgage rates?

However, it now appears unlikely that mortgage rates will drop in May. At its May 1st meeting, the Federal Reserve opted to pause interest rate hikes and leave the federal funds rate at 5.25% to 5.50%, its highest level since 2001.

These are today's mortgage and refinance rates. The Fed is keeping rates steady, and mortgage rates probably won't drop until we get closer to a Fed cut.

The article May Mortgage Rates to Stay Above 7% as Hope Dims for Fed Cuts originally appeared on NerdWallet.

While the Federal Reserve doesn’t directly set mortgage rates, it influences them by making changes to the federal funds rate, the interest rate that banks charge each other for short-term loans. The Fed’s decisions alter the price of credit, which has a domino effect on mortgage rates and the broader housing market.

The rate on a 30-year fixed refinance declined today. The average rate on a 30-year fixed mortgage refinance is 7.79%, according to Curinos, while the average rate on a 15-year mortgage refinance is 6.