When investors buy more Treasury bonds, their yields typically fall. Lenders often use these Treasury rates as a benchmark for setting mortgage rates. Mortgage rates tend to follow suit when Treasury rates drop due to global events — potentially making borrowing more affordable.

The Federal Reserve cut interest rates, then standard 30-year mortgage rates went up. It’s a warning that lower rates from here are not a foregone conclusion.

The average rate on a 30-year mortgage in the U.S. rose to 6.12% this week, the first increase in seven weeks.

Zinkevych / Refinance rates on 30-year mortgages subtracted another 2 basis points Monday, lowering the national average to 6.27%. That's now the lowest reading for 30-year refi rates in almost two weeks.