The 30-year fixed mortgage rate declined to 6.57%, marking the lowest level since October 2024. HousingWire noted that the rate reached 6.69% in April after President Trump's tariff announcement. The Federal Reserve maintained a policy rate of 4.25% to 4.5% but signs point to potential earlier rate cuts. FOMC members Waller and Bowman opposed the Fed's decision, citing a need for action on economic uncertainties. The July jobs report showed job growth was underwhelming, suggesting the potential for a rate cut in September.
The 30-year fixed mortgage rate dropped to 6.57%, the lowest figure since October 2024, according to Mortgage News Daily.
HousingWire reported that the 30-year rate was at 6.69% in April, correlating with President Trump’s global tariff announcement.
Fed policy rate remains steady at 4.25% to 4.5%, with indications that rate cuts may occur sooner than expected.
Two FOMC members dissented on the recent decision, advocating instead for a rate cut due to concerns about economic clarity and labor market impacts.
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