How Will the Federal Reserve's Decisions Impact Mortgage Rates? [CNET News]
First American Corporation (New) (FAF)
Last first american corporation (new) earnings: 4/23 06:45 am
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Source: CNET News
The country's central bank previously cut its benchmark rate by 0.5% on Sept. 18, its first reduction in more than four years. Over the past two and a half years, the Fed's interest rate hikes had an adverse effect on the housing market, helping to drive mortgage rates into unaffordable territory. Reducing interest rates is preferable to hiking them, but prospective homebuyers shouldn't expect mortgage rates to fall immediately. The Fed doesn't directly set the rates on home loans: Its decisions on monetary policy act as more of a guiding hand for banks and lenders across the country. Since investor expectations are a key driver of mortgage rate movement, rates tend to move ahead of, not behind, the Fed. "The market currently has an assumption about how many cuts there will ultimately be. That assumption is what's priced into today's longer-term rates," said Matt Graham of Mortgage News Daily. While mortgage rates should ease over the coming 18 months, they tend to be volati
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