Today’s average interest rate on a 30-year purchase mortgage is 7.225%, which is lower than yesterday’s reading of 7.248%, according to Zillow data provided to U.S. News. For refinancing mortgages, today’s 30-year rate is 7.326%, and the current 15-year rate is 6.439%. Mortgage rates track the yield on 10-year Treasury notes, and 10-year yields surged to the highest levels since 2007 ahead of the Federal Reserve’s September meeting as the bond market priced in a rate hike. The Fed doesn’t directly set mortgage rates but does set monetary policy that influences rate trends. Mortgage rates dipped slightly in the immediate aftermath of the Fed’s decision to raise interest rates. It may seem counterintuitive, but mortgage rates and the federal funds rate sometimes move in opposite directions.