Mortgage rates just dropped to 6.17%, their lowest level in over a year, continuing momentum ahead of the Fed meeting.
What happened to mortgage rates this week
The 30-year fixed mortgage rate edged down 2 basis points to 6.17% this week, extending its recent downward momentum ahead of the Federal Reserve’s meeting. This marks the lowest level in more than a year. At Wednesday’s FOMC meeting, policymakers voted to lower the federal funds rate by 25 basis points, a move largely anticipated and already baked into mortgage rates. However, in his post-meeting remarks, Fed Chair Jerome Powell emphasized that another rate cut in December is not guaranteed. In response, the 10-year Treasury yield moved higher, indicating that mortgage rates could face renewed upward pressure in the weeks ahead.
What it means for the housing market
Mortgage rates have fallen 87 basis points from their mid-January peak, offering meaningful relief for sidelined buyers and homeowners considering refinancing. While the housi