Should You Refinance Your Mortgage After the Fed’s Interest Rate Cut?

Published On Sep 19, 2024, 2:07 PM

The article discusses the recent decrease in mortgage rates following the Federal Reserve's move to lower interest rates for the first time in years. Currently, the average rate for a 30-year fixed mortgage is 6.09%, down from 7.19% a year ago. Homeowners who purchased homes over the last two years may consider refinancing to take advantage of the lower rates. The article indicates that mortgage rates are influenced by various factors, including the yield on 10-year Treasury bonds and economic data, such as employment numbers. The Fed is expected to potentially implement more rate cuts, influencing future mortgage rates.