Recent trends indicate a significant increase in mortgage rates, contrary to expectations that rate cuts would lead to lower borrowing costs. Both 30-year mortgage rates and refinance rates have seen upward movements, with the average 30-year rate recently reaching 6.12%. Factors contributing to this surge include a stronger-than-expected jobs report and rising inflation concerns, which have dampened hopes for further rate cuts by the Federal Reserve. Experts caution that current levels may represent the peak for some time, as geopolitical tensions and economic uncertainty continue to weigh on the market. With ongoing fluctuations, potential homebuyers are advised to consider locking in rates now, as predictions suggest a challenging landscape ahead.