The Fed cut rates five weeks ago, but banks are still paying high interest rates on high-yield savings accounts and combo checking/savings offers.

Mortgage rates are increasing in recent weeks despite the Federal Reserve's decision to cut interest rates last month for the first time in four years.

On September 18, the Federal Reserve kicked off the cutting cycle by reducing overnight rates by 50 basis points. Since then, mortgage rates have gone higher. This is not obviously an intuitive thing to happen.