Fed Cuts Benchmark Rate By Half Percentage Point
What Happened at the Fed Meeting?
During their recent meeting, the Federal Reserve (often referred to as "the Fed") reviewed the current economic landscape, including factors such as inflation, employment rates, and overall economic growth. The Fed decreased the central bank's federal fund's rate by a half percentage point, reflecting their ongoing strategy to manage economic stability. According to many experts, the Fed is predicted to continue to shift in this direction.
What This Means for Mortgage Interest Rates:
The Fed doesn’t directly set mortgage rates, but their decisions heavily influence them. There could be an opportunity for lower mortgage rates, which might make now a great time to consider buying or refinancing. Mortgage rates shift daily based on the bond market, so much of the rate cut had already been priced into the current rates over the last few weeks.
Locally, see below, it's still a mixed bag, overall saw a spike in inventory last month, will have to see how inventory and lower rates impact the rest of the year.
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Weekly national mortgage rates for loans under $400,000, top credit scores:
30 yr. fixed rate | 6.20 | ||
15 yr. fixed rate | 5.59 |
