30Y Mortgage rate 6.91%, highest level since early July. AND NO, INTEREST RATES ARE NOT COMING DOWN

[nmmi]

US 30-year fixed-rate mortgage flirts with 7%, Reuters, 1/2/25
The average rate on the popular 30-year fixed-rate mortgage increased to 6.91%, the highest level since early July, from 6.85% last week, mortgage finance agency Freddie Mac said on Thursday. It averaged 6.62% during the same period a year ago.

(snip)

They have risen in tandem with U.S. Treasury yields amid a resilient economy and investor fears that President-elect Donald Trump's proposed policies, including tax cuts, higher tariffs on imported goods and mass deportations, could reignite inflation.

((rates were rising well before the November 5 election, so it's not entirely "The Trump Trade" -nmmi))

Mortgage rates track the 10-year Treasury note. ...

More: https://finance.yahoo.com/news/us-30-fixed-rate-mortgage-173752445.html

30 Year Mortgage rate graph
https://fred.stlouisfed.org/series/MORTGAGE30US

As for the common meme "interest rates have been going down"

Measured from when the Fed's first rate cut occurred on September 19, that's true for Treasuries with less than a year to maturity
e.g. 3 month at https://www.cnbc.com/quotes/US3m

1 year is about breakeven https://www.cnbc.com/quotes/US1Y

above one year, they are all way higher than their September 19 levels when the first rate cut occurred...
2Y https://www.cnbc.com/quotes/US2Y
5Y https://www.cnbc.com/quotes/US5Y
10Y https://www.cnbc.com/quotes/US10Y
30Y https://www.cnbc.com/quotes/US30Y

Despite Fed rate cuts Sept 19 (-0.50%), Nov 9 (-0.25%), Dec 19 (-0.25%)
https://www.federalreserve.gov/monetarypolicy/openmarket.htm