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.

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.