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The move means officials have now slashed the Fed’s key benchmark interest rate — the federal funds rate — a full percentage point, bringing the new target rate down to 4.25-4.5 percent.
The Fed has mostly tamed the inflation surge from 2022, which is why it was cutting the federal funds rate (the overnight interest rate it charges banks) at the end of 2024.
The national average rate on a 30-year fixed mortgage has been stuck above 7 percent for most of January, rising 86 basis points since the Fed’s first rate cut in September. Future rate cuts ...
Yet in a blow for borrowers, the central bank also projected that it will loosen rates less next year than previously expected. The Fed lowered the federal funds rate — the interest rate banks ...
McBride predicts that the 30-year fixed-rate mortgage will fall to 5.75 percent by the end of the year, according to his 2024 interest rate forecast. Central to housing affordability, however, are ...
The Federal Open Market Committee’s (FOMC) latest decision means the Fed’s key benchmark interest rate will not move from its current target range of 5.25-5.5 percent, a 23-year high.
Since the Federal Reserve began raising interest rates in March 2022, the labor market has shed 4.6 million private-sector job openings. Nearly 30% of this decline occurred over the past year.
One point’s for certain: No matter when the Fed cuts rates or how much, it’ll do little to help heal the pain of higher interest rate for consumers. If those projections come to fruition, the ...