Mortgage rates have taken an unexpected turn, increasing this week despite the Federal Reserve’s recent decision to cut interest rates. According to Bankrate’s latest lender survey, the 30-year fixed mortgage rate has risen to 6.91 percent.

This move comes as a surprise to many, as the Fed’s rate cut was intended to stimulate economic growth and make borrowing more affordable. However, mortgage rates are influenced by a variety of factors, including inflation expectations, economic growth, and global events.

The increase in mortgage rates may make it more difficult for homebuyers to secure affordable financing, potentially slowing down the housing market. On the other hand, higher rates may also lead to increased yields for investors in mortgage-backed securities.