Banks have reported slower loan growth amid strong earnings, Tesla to raise Canadian car prices, and more news to start your day.

These are today's mortgage and refinance rates. Mortgage rates have increased as investors parse Trump's Davos comments.

As mentioned, mortgage rates haven't fallen in line with the Fed's rate cuts because they depend on factors beyond the agency's benchmark rate, such as the economy and 10-year Treasury bond yields. For example, when the 10-year treasury rate goes up, mortgage rates tend to follow, and vice-versa.

The Dow Jones dropped 1,123 points (or 2.6 percent) by the close of the market Wednesday after the Fed's 19 policymakers projected that the central bank will cut interest rates by a quarter-point just twice next year, meaning rates will only be sliced by a half a percentage point in total throughout next year.

St. Louis Fed President Alberto Musalem suggests greater caution is warranted on reducing interest rates.

Federal Reserve Governor Christopher Waller said the US central bank could lower interest rates again in the first half of 2025 if inflation data continues to be favorable.