Related to Mortgage

Although the Fed has cut rates, mortgage rates for 30-year fixed-rate loans actually have risen the past two weeks. Freddie Mac, the mortgage company, reported last week that 30-year fixed-rate mortgages averaged 6.13 percent, up from 6.03 percent the previous week.

Many who bought at the height of the housing boom in 2004 and 2005 can’t refinance because they owe more than their houses are worth. The glut of homes for sale across South Florida and the region’s foreclosure crisis have slashed property values by about 20 percent in the past two years.

Even homeowners with equity in properties they bought 10 or 20 years ago might be better served by waiting until later in the spring or summer to refinance, when mortgage rates are expected to be lower, specialists in the industry say.

Mortgage rates are tied to mortgage-backed securities and are not set by the Fed. Its rate cuts lower the cost for banks to borrow from each other and from the Federal Reserve Bank. The Fed’s actions influence financial benchmarks, such as Treasury bills and notes used to determine the interest rates for some adjustable mortgages.

Consumers who simply want to lower their monthly mortgage payments should wait to see mortgage rates fall again closer to 5 percent, said Jeff Kaufman, senior vice president of real estate lending for SunTrust Bank in South Florida.