Federal Reserve
The Federal Reserve started a rate-cutting cycle on Sept. 18, lowering its benchmark interest rate by 50 basis points (bps) to a range of 4.75% to 5%. The cut is the first since March 2020 after the Fed raised interest rates to a 23-year high point to cool the economy and quell inflation. However, mortgage rates rose following the Fed’s first cut, suggesting that the bond market had already factored in this anticipated action.
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Mortgage rates change little ahead of big inflation report
Apr 09, 2024Mortgage rates remained unchanged last week despite the release of the stronger-than-expected jobs report. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.16% on Tuesday, unchanged from one week earlier. At the same time one year ago, the 30-year fixed rate averaged 6.46%. Meanwhile, the 15-year fixed rate averaged […]
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