Mortgage Interest Rates Today, September 22, 2024 | Rates Are Slightly Up Following Fed Meeting [Business Insider]
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Insider
As the Fed lowers its benchmark rate, mortgage rates are expected to ease in 2024 and 2025. The Federal Reserve cut the federal funds rate by 50 basis points last week, its first rate cut in four years. Mortgage rates dropped substantially ahead of this announcement, but they've actually increased slightly in recent days. Why did this happen? A lot of people assume that when the Fed cuts rates, mortgage rates will drop, too. But the relationship between Fed moves and mortgages isn't quite that simple. By the time the Fed actually gets around to cutting rates, mortgage rates typically already reflect the impact of that cut. So you'll see mortgage rates move up or down ahead of Fed meetings, but usually not immediately after unless the Fed surprises everyone. Mortgage rates inched up thanks to recent positive economic data, including the latest jobless claims numbers , which came in below expectations. The good news is that mortgage rates are still well below where they were a
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- Mortgage Interest Rates Today, September 27, 2024 | Rates Steady as Labor Market Continues to Strengthen [Business Insider]Business Insider
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- Mortgage Interest Rates Today, September 24, 2024 | Where Will Rates Go Next? [Business Insider]Business Insider
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