The Federal Reserve lowered its benchmark interest rate for the first time since 2020, giving hope to homebuyers, but mortgage rates instead increased.
The fact that mortgage rates have gone up despite the Fed's cut underscores that the Fed influences, but does not set, mortgage rates.
Experts believe rising mortgage rates are due to stronger-than-expected economic data, convincing investors that inflation will remain higher for longer.
Political factors may influence investor confidence, particularly with tightening polls suggesting a potential victory for former President Trump.
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