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Federal Reserve Cuts Rates By 0.50%, a Bigger Cut Than Expected:
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The Fed (Federal Reserve) just made its most significant move in years, cutting the federal funds rate by 0.50%, but what does that mean for mortgage interest rates and buying/refinancing a home? Why did mortgage rates slightly tick up after the news of the rate cut, and are there more rate cuts in store for 2024 and 2025? Licensed mortgage advisor Hannah Escher is back to help explain.
Last week, Jerome Powell, Chair of the Fed, announced a more aggressive rate cut than many had predicted. But that’s not all that happened in the Fed meeting. He also shared that more rate cuts could be coming over the next year. This could help homebuyers who are struggling to afford a house with the recently high mortgage rates, but may also bring more demand to the market, creating increased competition.
If you’re waiting to buy or refinance, we’re giving you some actionable steps you can use NOW to snag your best mortgage rate!
00:00 Fed Cuts Rates 0.50%
01:53 More Rate Cuts Coming?
02:35 Mortgage Rates
05:26 What You Should Know
08:14 Do This NOW
