That means home equity loan rates, while not falling in direct relation to the federal funds rate, are generally on a decline right now. With the average homeowner also in possession of around $330,000 worth of equity , this combination of low rate and high equity makes it an attractive way to borrow money in today's unique economic climate.

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

The current median interest rate is 6.99% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

On Nov. 7, the Federal Reserve implemented a 0.25% reduction to the federal funds rate, its second cut in over four years. Prospective homebuyers are eager for a silver lining in the housing market. But experts don't anticipate dramatically lower rates before the end of the year.

These are today's mortgage and refinance rates. Mortgage rates are down slightly today, but they're still higher than they've been in recent months.

The average 30-year mortgage rate has been above 6% for two years — and is likely to stay above that level for the foreseeable future, experts say. A combination of better-than-

The average 30-year mortgage rate remains high despite the Federal Reserve again dropping its key interest rate.