Back in January, the 30-year average jumped to 7.13%, its highest level since October. So today's rates are still significantly improved vs. two months ago. They're also nearly 1.25 percentage points cheaper than the historic 23-year peak of 8.01% reached in October 2023.

According to the Mortgage Bankers Association's seasonally adjusted index, total mortgage application volume fell by 6.2% compared to the previous week.

For better or worse, the Fed's relationship to home loan rates isn't direct or immediate. "While the Fed certainly can influence mortgage rates, investors are the true movers," sa