The Federal Reserve's November monetary policy meeting concludes today. All bets are that the Fed will proceed with a 0.25% reduction of the federal funds rate, its second cut in over four years. But experts don't anticipate dramatically lower rates before the end of the year.

Anticipated Fed cuts are typically baked into mortgage rates well ahead of the actual cut, so we might not see mortgage rates move much this week.

The Fed wants to push down the cost of borrowing money for homes, cars and other purchases. But mortgage rates aren’t determined by the Fed, they’re heavily influenced by Treasury yields, which go up and down based on economic expectations.

Mortgage experts agree that the right time to lock in a rate depends on your situation. Making your move later this month could offer some advantages. But your timeline, financial readiness and local housing market should guide your decision. The choice isn't just about getting the lowest rate — you must find the right balance for your needs.

The median interest rate on a 30-year fixed-rate mortgage is 6.88% as of November 6, which is unchanged from yesterday. Additionally, the median interest rate on a 15-year fixed-rate mortgage is 6.00%, which is 0.13 percentage points lower than yesterday.

Interest rates are going down — but aspiring homeowners waiting for lower mortgage rates aren’t feeling relief. For years, wannabe buyers have waited for the Federal Reserve to lower rates after the central bank pushed them to the highest level in decades.

More clarity could emerge this week for mortgage professionals who’ve been dealing with uncertainty due to rising rates.

Compare the current 15-year mortgage rates from select mortgage lenders. Many factors that determine your rate are out of your control, but there's one major factor you can control: your credit score.