After waiting years for interest rate cuts from the Federal Reserve, home buyers are now facing even higher mortgage rates.

The coronavirus has wreaked havoc on the economy, and in an emergency response, the Federal Reserve slashed interest rates by a full percentage point—the second rate cut in two weeks and the largest in Fed history.

With the benefit of hindsight, the 50-basis-point cut in September was a mistake, though not one of great consequence,” said the former treasury secretary and Harvard preside

Inflation in the U.K. has fallen to its lowest level in more than three years, a drop that has cemented market expectations that the Bank of England will lower interest rates at its next policy meeting.

The process of buying a home includes a lot of moving parts — but most people (first-time homebuyers included) look at current mortgage rates first. There’s a good reason: the current mortgage rate affects your monthly payments over the life of the loan.

As of October 16, according to Credible data gathered from more than 500 U.S. lenders*, the median interest rate on a 30-year fixed-rate mortgage is 6.50%, which is unchanged from

Unfortunately for prospective buyers, rising mortgage rates in the face of a Fed cut is a sign of a resilient economy.

A component of mortgage rates known as the spread has been falling in recent weeks after years of being elevated. If it keeps dropping, that could help send rates lower in the months ahead.