The Fed cut interest rates, but mortgage costs jumped. Here's why [CNBC]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
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Source: CNBC
That's up from 6.60% from a week prior. “The market is just responding to the tone of the Fed's message,” said Jessica Lautz, deputy chief economist at the National Association of Realtors. The Federal Reserve on Wednesday cut interest rates for the third time in 2024. Despite the move, mortgage rates increased. The 30-year fixed rate mortgage spiked to 6.72% for the week ending Dec. 19, a day after the Fed meeting, according to Freddie Mac data via the Fed. That's up from 6.60% from a week prior. At an intraday level, the 30-year fixed rate mortgage increased to 7.13% on Wednesday, up from 6.92% the day before, per Mortgage News Daily . It notched up to 7.14% on Thursday. The Fed's latest adjustment lowered its benchmark rate by 0.25 basis points. The central bank has cut the federal funds rate by a full percentage point altogether this year. While interest rates moderately declined after the Fed's first rate cut, borrowing costs have broadly climbed since late September.
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FMCC
Analyst Actions
- 11/20/24 - Keefe, Bruyette & Woods
FMCC
Sec Filings
- 11/25/24 - Form ABS-15G
- 11/21/24 - Form ABS-15G
- 11/6/24 - Form ABS-15G/A
- FMCC's page on the SEC website