Mortgage rates dropped to their lowest level in more than a year as the Federal Reserve cut short-term interest rates this week. The rate decline offers a refinancing opportunity for some homeowners.The average rate on a 30-year fixed-rate mortgage fell five basis points to 6.01% APR in the week ending Oct. 30, according to rates...
The Federal Reserve announced a 25-basis-point cut to the federal funds rate at the conclusion of its meeting on Wednesday, Oct. 29. The bankers had shifted into rate-cutting mode back in September with a crop of the same size. A basis point is one one-hundredth of a percentage point, so today’s trim amounts to a...
Whether you’re buying a house or hoping to refinance, it pays to know how the Federal Reserve affects mortgage rates. Even a basic understanding helps you plan a smarter budget.At the very least, it boosts your chances in the current events round at pub trivia.The Fed meets next on Oct. 28-29 and is widely expected...
Mortgage rates fell for the fourth consecutive week, finally nearing 6% for the first time since September 2024. Lenders and analysts have been anticipating that the Federal Reserve will announce another quarter-point cut to the federal funds rate at their Oct. 28-29 meeting. Central bankers will make their decision with limited information, as official data...
