The Federal Reserve held rates steady while signaling 75 basis points of cuts coming in 2024. Mortgage rates fell to their lowest since May in one of the sharpest single-day drops on record, pushing the Dow past 37,000.
Woo! Another great day for mortgage rates. The Federal Reserve announced after its meetings this week that they were going to keep the benchmark overnight borrowing rate as is, the third straight time they've done this. But beyond that, because the growth rate of the economy and inflation is slowing down, the majority of Fed members actually project lower rates in 2024 than right now. Median prediction has the benchmark rate falling 75 basis points, or 3/4 of a percent, from what it is now down to about 4.5 to 4.75%. This sent mortgage rates down to the lowest levels we've seen since May, one of the biggest single-day drops on record, and it sent the Dow soaring scoring reaching over 37,000 for the first time ever. Follow me for more interest rate updates.
