Mortgage rates jump after Fed Chair Powell says a December rate cut's uncertain. Will they drop again and what this could mean for the housing market.

The rate on a 30-year fixed refinance decreased to 6.23% today, according to the Mortgage Research Center. The average rate on a 15-year mortgage refinance is 5.27%. On a 20-year mortgage refinance, the average rate is 5.

"If the Fed doesn't meet in November, I expect mortgage rates to drift with the bond market … modest day-to-day moves, not big swings," says Steven Glick, director of mortgage sales at real estate investment fintech company HomeAbroad.

The Federal Reserve announced a 25-basis-point cut to the federal funds rate at the conclusion of its meeting on Wednesday, Oct. 29. The bankers had shifted into rate-cutting mode back in September with a crop of the same size. A basis point is one one-hundredth of a percentage point, so today’s trim amounts to a quarter of a percentage point.

Thirty-year mortgage rates fell to a one-year low today. The current average mortgage rate on a 30-year fixed mortgage is 6.14% with an APR of 6.17%, according to the Mortgage Research Center. The 15-year fixed mortgage has an average rate of 5.

Mortgage rates are already at their lowest levels in over a year, so it remains to be seen whether the Federal Reserve's October rate cut will drive rates lower – or if the rate cut was already priced in.

Explore current mortgage rates and what they mean for homebuyers.

The rate on a 30-year fixed refinance rose to 6.37% today, according to the Mortgage Research Center. Rates averaged 5.38% for a 15-year financed mortgage and 6.05% for a 20-year financed mortgage. Related: Compare Current Refinance Rates 30-Year Fixed Refinance Interest Rates Climb 1.