How the Federal Reserve Affects Mortgage Rates in 2024 [CNET News]
First American Corporation (New) (FAF)
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Source: CNET News
The Federal Reserve's interest rate hikes over the last few years have negatively affected the housing market by pushing mortgage rates into unaffordable territory. Now, with inflation declining and the economy cooling, including a weaker labor market , the central bank is reversing course by starting to lower borrowing rates. The first rate cut of 0.5% was announced on Sept. 18, when the Federal Open Market Committee reduced its benchmark interest rate to the 4.75% to 5% range For homebuyers, the size of the Fed's first cut doesn't matter all that much. Mortgage rates already fell significantly in advance of the decision and that trend should continue as the central bank introduces additional rate reductions in the coming months, said Matt Vernon , head of consumer lending at Bank of America. In the short term, prospective homebuyers or current homeowners looking to refinance shouldn't expect rates to nose-dive by half a percent. The Fed doesn't directly set the rates on home
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