Federal Reserve made a 3rd consecutive rate cut today. Here's how it will impact your money.
The Federal Reserve today made its final interest rate decision of 2024, capping a year during which the central bank provided some financial relief to inflation-weary borrowers in September by ushering in its first rate reduction in four years.
The Federal Reserve announced a third rate cut; fewer are expected in 2025
The Fed cited indicators of an expanding economy and an easing labor market after its other rate cuts. This is the third time rates have been cut this year, but economists don’t expect as many cuts in 2025.
Fed policymakers see slower rate-cut path next year
San Francisco Federal Reserve Bank President Mary Daly on Friday said the decision by the U.S. central bank to lower interest rates on Wednesday by another quarter percentage point was a "close call," adding she agreed with Chair Jerome Powell that caution is now warranted toward further policy adjustments.
Today's Mortgage Rates | Rates Jumped Following This Week's Fed Cut
These are today's mortgage and refinance rates. Mortgage rates are higher following the latest Fed meeting, and they may not drop as much next year.
Why Fed rate cuts aren't making mortgages cheaper
Federal Reserve policies can have a dramatic effect on the cost of mortgage financing. For example, the central bank took interest rates to historic lows in the pandemic and bought mortgage-backed securities at a massive scale.
How the Federal Reserve's rate policy affects mortgages
Quantitative tightening at the Federal Reserve may keep upward pressure on 30-year fixed mortgage rates for the foreseeable future.
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