30-Year Mortgage Rates Have Actually Increased Since the Fed Rate Cut

• Fed easing hasn’t led to lower mortgage rates, with the 30-year fixed rate rising since the first rate cut.
• Mortgage rates are closely linked to the 10-year US Treasury yield, which has also risen over the period.
• Friday’s blockbuster jobs report reinforced these moves and extended increases.

The Federal Reserve’s jumbo interest-rate cut in mid-September was welcome news to prospective homebuyers, with the expectation that a lower federal funds rate wou