Thinking about taking out a mortgage loan? Current mortgage rates drop to 6.88% for 30-year terms, while 15-year terms fall to 6.13%.

The current median interest rate is 6.88% for a 30-year fixed-rate mortgage and 6.13% for a 15-year fixed-rate mortgage

Applications for mortgages in the latest week rose in spite of the 30-year rate inching up for the fourth week in a row to the highest level in four months, according to the Mortgage Bankers Association.

Mortgage rates have seemingly been poised to start dropping any day now, especially given that the Federal Reserve has begun making long-awaited interest rate cuts. However, despite these expectations and much to potential homebuyers' chagrin, mortgage rates are moving in the opposite direction.