They’re inching higher.

On Sept 17, the Federal Reserve cut its federal funds rate by 0.25% (25
basis points) to support employment and to help bring down inflation. Many
borrowers had expected mortgage rates would follow suite but mortgage rates
are more tied to long-term bond yields (especially the yield on 10-year U.S.
Treasury bonds). If investors expect economic weakness, they may buy more
bonds, pushing bond yields down, and that can pull mortgage rates down; On
the other hand, if they expect the economy to stay strong or inflation to
rise, they sell bonds, yields go up, and mortgage rates usually rise too.

What the data shows

*       On Sept 17th 2025, the average 30-year fixed mortgage rate was about
6.22% Mortgage News Daily

*       The day before, Sept 16, it was about 6.13% Mortgage News Daily

*       Leading up to the cut, mortgage rates had been trending downward
(anticipation of the cut, weaker economic data) NerdWallet+2Mortgage News
Daily+2

*       After the cut, the rate didn’t collapse — in fact, in the next days
it ticked upward: on Sept 18 it was ~6.37% Mortgage News Daily

*       According to NerdWallet, on Sept 17 the 30-year fixed rate was
~6.12% (APR) NerdWallet

*       Freddie Mac’s data show that in the week of Sept 11, the 30-year
fixed rate dropped by 15 basis points (i.e. from ~6.35% to ~6.20%) before
the Sept 17 Fed cut Freddie Mac

*       As of “now” (late September), mortgage rates have inched up slightly
from their recent lows. For example, Freddie Mac says rates “inched up this
week” after several weeks of decline. Freddie Mac

*       Also, Reuters reported that in the week ending Sept 12 (just before
the cut), the average 30-year fixed mortgage rate dropped to 6.39% — the
lowest since October 2024 — and refinancing applications spiked. Reuters

So, in short: mortgage rates were already coming down ahead of the Fed cut,
and after the cut the rates more or less stabilized or modestly increased.