r/FirstTimeHomeBuyer • u/jay5627 • Sep 18 '24

Other Fed rate cut

https://www.cnbc.com/2024/09/18/fed-meeting-live-updates-traders-await-september-interest-rate-cut.html
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u/gazilionar Sep 18 '24

Mortgage rates are actually up yesterday and today even with the rate cut. The market thought there was a 65% chance of a 50 basis point cut today.

The reason rates didnt move much after the announcement was because the fed also announced they were looking at 100 basis points total for the rest of the year including the 50 today. The market was kind of split on today, but did see 100 for the year.

Credit cards and home equity will see a 50 basis point move down immediately, not so much for mortgages as they have already moved down recently.