Reported about 9 hours ago
Mortgage rates have increased slightly following the Federal Reserve's recent decision to cut its benchmark interest rate. The average 30-year fixed mortgage rate rose to 6.37%, influenced by higher Treasury yields. While the Fed's cut initially signaled a potential for lower mortgage rates, market reactions suggest rates may remain flat in the short term. Refinancing demand has surged, indicating a growing interest in mortgages, yet overall home sales continue to struggle due to high prices and rates.
Source: YAHOO