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Mortgage Rates Fall Towards 6% Following Fed Cut

  • September 19th 2024

by UrbanTurf Staff

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On Wednesday, the Federal Reserve cut interest rates by 50 basis points, and today, mortgage rates followed suit. 

On Thursday, Freddie Mac reported 6.09% as the average on a 30-year mortgage, down 11 basis points from last week. Long-term rates are now at their lowest level since early 2023, and could continue to fall.

“While mortgage rates do not directly follow moves by the Federal Reserve, this first cut in over four years will have an impact on the housing market," said Sam Khater, Freddie Mac’s Chief Economist. "Declining mortgage rates over the last several weeks indicate this cut was mostly baked in, but we expect rates to fall further, sparking more housing activity.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_rates_fall_to_6_following_fed_cut/22731.

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