The Federal Reserve announced its third interest rate cut of the year, but mortgage rates continue to rise, with the national average for 30-year mortgages reaching 6.91%. This increase is attributed to fears of inflationary policies from President-elect Donald Trump, such as tariffs and deficit-financed tax cuts, as well as better-than-expected economic data. Historically low mortgage rates during the financial crisis and pandemic have led to a 'golden handcuffs' situation where homeowners are reluctant to move due to low locked-in rates, keeping inventory low and prices high. Looking ahead to 2025, mortgage rates are expected to remain around 6% to 6.5%, with the Federal Reserve projecting only minor rate cuts. While some relief may occur, significant drops in mortgage rates are unlikely, though people will continue to move for various personal reasons.