Today’s average interest rate on a 30-year purchase mortgage is 7.195%, which is higher than yesterday’s reading of 7.155%, according to Zillow data provided to U.S. News. For refinancing mortgages, today’s 30-year rate is 7.287%, and the current 15-year rate is 6.349%.

Mortgage rates track the yield on 10-year Treasury notes, and 10-year yields have surged to the highest levels since 2007 this week as the bond market prices in an expected rate hike at the Federal Reserve’s meeting tomorrow. The Fed doesn’t directly set mortgage rates but does set monetary policy that influences rate trends.