The Fed is set to issue its first rate cut since 2020 this week. Here's how far mortgage interest rates could then drop.
The moment borrowers have been waiting for is quickly approaching. After contending with the highest federal funds rate in decades, the Federal Reserve is preparing to issue its first rate cut since 2020 as it meets this week. Following the two-day meeting, the Fed is expected to announce a reduction in the federal funds rate, which has been frozen at a range between 5.25% and 5.50% for more than a year. That's the highest it's been in 23 years.
With Fed meetings set again for November and December, again, additional reductions seem likely. But they won't fall in direct relation to the Fed's actions. Economic data surrounding inflation and unemployment could influence mortgage rates as well. They also track alongside the rate on the 10-year Treasury yield. When that ticks up, mortgage rates tend to follow and when it falls, mortgage rates often decline.
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