Mortgage rates inch closer to 6% following Fed rate cut

Published On Sep 19, 2024, 12:28 PM

Mortgage rates are approaching 6%, with the average 30-year fixed rate falling to 6.09%. This decline coincided with the Federal Reserve's recent rate cut, which dropped the benchmark interest rates by 50 basis points. Following the cut, there has been an increase in mortgage applications, particularly for refinancing. Although the rates have dropped significantly, experts indicate they may not lower much further. The housing market is showing signs of revival in response to these changes, with increased buyer activity as affordability improves.