Despite the increase in rates, some home buyers were returning to the market, according to the Mortgage Bankers Association. The market composite index — a measure of mortgage a

Though the Federal Reserve has been cutting interest rates, mortgage rates have been increasing or holding steady. When will potential homeowners see mortgage relief.

On Nov. 7, the Federal Reserve implemented a 0.25% reduction to the federal funds rate, its second cut in over four years. Prospective homebuyers are eager for a silver lining in the housing market. But experts don't anticipate dramatically lower rates before the end of the year.

The Fed cut rates for the second time this year. Learn how this impacts mortgage rates and what to expect in the coming months.

Earlier on Thursday, mortgage rates rose again for the sixth consecutive week, hitting a four-month high of 6.79%, according to Freddie Mac. The Fed's latest rate cut, which was universally expected and thus fully priced in to bond markets, is unlikely to bring relief to mortgage rates in the near term.

Several major lenders are increasing their fixed mortgage rates, despite the Bank of England cutting the base rate to 4.75 per cent on Thursday. The Bank’s Monetary Policy Committee (MPC) decided to cut the bank rate from 5 per cent, in a widely expected move, although there are doubts there will be any further decreases this year.

US mortgage rates continued to rise, building on a recent run-up after Donald Trump won the presidential election.