Fed Cuts Interest Rate by a Quarter Point, but Don’t Expect Big Declines for Mortgages Yet
The Fed has delivered another interest rate cut, but unfortunately for homebuyers, it won’t mean imminent relief for mortgage rates. As expected, the Federal Reserve cut its overnight policy rate by 0.25 percentage points on Wednesday, bringing the rate down to a new range of 4.25% to 4.5%. The new range represents a full percentage…