It takes time for the Fed’s decisions to filter through the economy — and then even more time for consumers to see the difference.

Policy changes: When the Fed adjusts the federal funds rate, it spills over into many aspects of the economy, including mortgage rates. The federal funds rate affects how much it costs banks to borrow money, which in turn affects what banks charge consumers to make a profit.

These are today's mortgage and refinance rates. Mortgage rates are likely to remain elevated until inflation comes down further.