Mortgage rates increased again this week, and they should stay elevated until inflation slows and the Federal Reserve lowers the federal funds rate. At its May 1 meeting, the Fed announced it is keeping the federal funds rate unchanged rather than cutting it. At the end of 2023, many people expected the Fed to drop
Mortgage rates remain elevated today, and they should stay relatively high until inflation slows and the Federal Reserve lowers the federal funds rate. While many people expected the Fed to drop the federal funds rate this spring or summer, experts say a rate cut won’t happen until later this year, likely in September. In fact,
Mortgage rates have remained high this week. While we probably won’t experience dramatic spikes anytime soon, it’s unlikely that we’ll see significant drops, either. A huge indicator of when mortgage rates will go down is when the Federal Reserve lowers the federal funds rate. Although the Fed’s rate doesn’t directly impact mortgage rates, it is