The Federal Reserve cut its key interest rate by a quarter-point in response to a steady decline in once-high inflation that angered Americans and helped drive Trump’s election victory.

Mortgage rates, in particular, surged last year to their highest level since 2000 but have since come down alongside inflation. But it's been a bumpy ride back to the bottom in recent weeks. What, then, does this latest Fed rate cut mean for mortgage interest rates? That's what we'll break down below.

These are today's mortgage and refinance rates. If the Fed ends up keeping rates steady next month, we could see mortgage rates tick up slightly.

Mortgage rates ticked down from 6.79% last week to 6.78% for a 30-year fixed home loan for the week ending Nov. 14, according to Freddie Mac. "After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,

Market-based rates such as mortgages tend to move in anticipation of future Fed policy — not the policy at the moment when the cuts happen.

Mortgage rates remain stubbornly high. In late September, it was looking like mortgage rates would drop below 6% before the end of the year. But then that downward streak ended, l

Freddie Mac reports the 30-year fixed mortgage rate averaged 6.78% for the week ending Nov. 14 — down from 6.79% last week.