Mortgage rates moved lower this week, but it wasn't about today's decision from the Federal Reserve to keep the federal funds rate steady. The drop was driven by markets' reaction to the U.S. and Iran's deal to reopen the Strait of Hormuz and potential further agreement to end the war.
But that doesn't mean this week's Federal Reserve meeting won't impact mortgage rates. In this case, it's less about the specific decision and more about the direction the Fed may be headed under new leadership.
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