Today’s average interest rate on a 30-year purchase mortgage is 7.551%, which is higher than yesterday’s reading of 7.481%, according to Zillow data provided to U.S. News. For refinancing mortgages, today’s 30-year rate is 7.662%, and the current 15-year rate is 6.728%.

Mortgage rates track the yield on 10-year Treasury notes, and 10-year yields surged to the highest levels since 2007 ahead of the Federal Reserve’s September meeting as the bond market priced in a rate hike. The Fed doesn’t directly set mortgage rates but does set monetary policy that influences rate trends.

In fact, bond yields often move in anticipation of future rate hike expectations. On Sept. 23, 10-year Treasury yields spiked after Michael S. Barr, a member of the Federal Reserve’s board of governors, delivered a speech at a housing policy summit in Chicago suggesting that more rate hikes “are likely to be needed to ensure inflation comes down to target in a timely fashion.”

However, Barr also pointed out that the Fed’s monetary policy could eventually relieve some of that upward pressure on mortgage rates, which “are generally lower when inflation is lower, and we are working toward that goal.”

In the long run – think months, not days – getting inflation under control would be good for mortgage rates.