These are today's mortgage and refinance rates. Mortgage rates have been high in November as expectations around future Fed cuts have shifted.

Thinking about taking out a mortgage loan? Current mortgage rates fall to 6.88% for 30-year terms, while 15-year terms decrease to 6.13%.

Mortgage costs are rising - with the average rate on a two-year fixed deal now at 5.5% - despite a recent cut in interest rates. A string of lenders, including Barclays, HSBC, NatWest and Nationwide, have increased the rates charged on new fixed deals in recent days.

The mortgage interest rates of 2020 and 2021 may never reappear but, if they do, it will be a gradual process to get them back there (minus a catastrophic economic downturn). Homebuyers and homeowners looking to refinance, then, shouldn't wait for a perfect circumstance that's unlikely to materialize.

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

When the Federal Reserve lowered its benchmark interest rate by half a percentage point in September, it wasn't a particularly surprising move. At that point, the Fed was expected to make its first rate cut of the year in response to cooling inflation.

Mortgage rates have leveled, leaving Real Estate agents hopeful home buyers will start to comeback to the market and that homeowners will consider refinancing.