The Federal Open Market Committee will announce its next scheduled decision on interest rates on December 18. A rate cut is likely but far from certain.

Kent, the mortgage banker, noted that Fed rate cuts have more impact on credit cards, car loans, and other short-term borrowing than on business and mortgage loans. If mortgage rates stay high, he expects more buyers will ask for adjustable-rate loans, as if betting that rates will fall over the next few years.

These are today's mortgage and refinance rates. If the Fed ends up keeping rates steady next month, we could see mortgage rates tick up slightly.