mortgage rates housing federal reserve rate cut.

The Federal Reserve just cut its benchmark rate for the first time since last year, but that doesn’t guarantee mortgage rates will keep dropping. Mortgage rates have been declining since late July, with the average 30-year mortgage rate at 6.35% last week. However, rates didn’t fall last year despite multiple Fed rate cuts. Mortgage rates are influenced by various factors, including the 10-year Treasury yield. While lower rates can boost the housing market, they remain too high for many buyers. Experts suggest buying now if you can afford it, rather than waiting for potentially lower rates.