The average rate on the 30-year fixed-rate mortgage grew two basis points to 6.35% in the week ending Sept. 25, according to rates provided to NerdWallet by Zillow. A basis point is one one-hundredth of a percentage point.

This is quite the change-up from the previous two weeks, which saw double digit basis point drops ahead of the Federal Reserve’s September meeting.

The Fed cut the federal funds rate, but mortgage rates are up — what gives?

While the Fed doesn’t directly set mortgage rates , APRs will typically move in the direction that lenders expect the federal funds rate to follow. Mortgage rates dropped last week as lenders were confident that the Federal Reserve would vote to lower the federal funds rate.

In fact, the average 30-year APR dipped to just above 6% on Septe

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