The Federal Reserve cut its influential fed funds rate this afternoon for the third time in as many meetings. Follow along with our live coverage of the Fed meeting.

Current mortgage rates are up today and higher than they were seven days ago. Rates are lower than they were in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. But rates are still relatively high as fears around stubborn inflation have kept the Federal Reserve from lowering its benchmark rate until now.

Today, the average interest rate on a 30-year, fixed-rate mortgage ticked down to 6.14% APR, according to rates provided to NerdWallet by Zillow. This is just one basis point lower than yesterday but 14 basis points higher than a week ago. (See our chart below for more specifics.) A basis point is one one-hundredth of a percentage point.

Are you still running iOS 18? Apple now recommends updating to the newest update. What to know about upcoming update

Follow live updates on the Dow, S&P 500 and Nasdaq and the top business, finance and economics stories.