Had there been more consensus among economists that the Fed would leave rates unchanged, mortgage rates might not have spiked as much as they did over the past week. Week over week, the average 30-year mortgage rate jumped 14 basis points to 6.65% APR. If this fee is likely to become more expensive, lenders will pass some additional costs to borrowers by raising mortgage rates. Rather than lowering rates, lenders could choose to leave them where they are for now until it’s clearer what to expect in September. In that case, mortgage rates would likely rise more in August.