"Mortgage interest rates went down before the Fed cut rates in September but went up after," says Ali Wolf, chief economist at NewHomeSource. "This is because the Fed is cutting the federal funds rate, which is a short-term interest rate. Mortgage interest rates, on the other hand, are influenced by investors and the yield on the 10-year Treasury."

Officials at the central bank have splintered over whether rising unemployment or elevated inflation poses the bigger economic risk.

Savings account yields are much higher than a few years ago Top rates may fall if the Federal Reserve cuts interest rates Online banks tend to offer the best yields available Rates on savings accounts are relatively unchanged from a week ago.

Asian stocks were at six-week highs on Monday, while the dollar hovered near its lowest in almost three months on expectations of the Federal Reserve cutting interest rates next year, which have also sparked a fierce rally in precious metals.