Mortgage rates for October 14, 2024, have been holding steady at around 6.20%, according to Zillow data. Though they fell in September, rates are back up this month. But rates are still more than a full percentage point lower than they were this time last year.

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Mortgage rates dropped before the Fed’s last meeting, and have risen more than 50 basis points since. If you’re wondering why, you’ll need to look at the 10-year Treasury bond yield.

Experts say a few reasons for this increase are because the 10-year yield, along with longer-term rates have both gone up.

Four of China's biggest state-owned banks announced cuts on Saturday to existing mortgage rates starting on Oct. 25, as the authorities ramp up efforts to stimulate the world's second-biggest economy.