The average 30-year fixed-rate mortgage in the U.S. slightly dipped to 6.78% for the week ending Nov. 14, barely changed from 6.79% a week prior, according to Freddie Mac data via the Federal Reserve.

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.

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%.

The Fed has two main objectives: maintain maximum employment and contain inflation. Although one single data point is never decisive, when inflation is high, the Fed generally raises interest rates to slow demand. When the unemployment rate is high, the Fed often lowers interest rates to stimulate consumer activity.

These are today's mortgage and refinance rates. Mortgage rates have increased a bit as markets look to whether the Fed will cut rates in December.

The Fed has dropped the nation's lending rate again, but mortgage rates haven't dipped. The FOX 5 I-Team's Dana Fowle went to an economist to understand the reason why.

The Federal Reserve's rate cuts won't directly lower home prices in 2025. But they could spur a chain reaction that leads to a drop in home prices. Th