AdvertisementRising mortgage rates are inflating mortgage payments, which are now roughly $110 under October's all-time peak, Redfin reported. With the 30-year fixed mortgage rate averaging 6.63% in the four weeks through January, the median monthly payment hit $2,607. As mortgage rates loosely follow interest levels, renewed signals that interest rates will stay higher for longer are instead leading to a mortgage rate rebound. Redfin expects mortgage rates to remain elevated near current levels until the Fed cuts interest rates, which may be months away from happening. "I'm advising buyers — especially first-timers — that the mortgage rates they see in the news aren't the be-all and end-all.

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Persons: Redfin, —, Luis Rojas, hasn't, Rojas, Fannie Mae's Organizations: Service, Federal Reserve Locations: It's