09/20/2024
Your interest rate did not drop by .5%!! Don’t rely on media outlets for mortgage news. Reach out to a mortgage professional.
The Fed cut rates 50bp on September 18 to a target range of 4.75% to 5%, with the effective Fed Runds Rate at 4.875%. It’s important to remember that the Fed is not cutting mortgage rates, but rather the overnight rate that banks lend to one another. This has a direct impact on short-term rates, like credit cards, car loans, personal loans, etc. It has an indirect impact on mortgage rates.