Expected Fed Rate Cuts Won't Have Much Impact On Mortgage Market, Says Gary Cohn

The Federal Reserve is expected to cut rates this week, but it may not have that much sought-after impact on the mortgage market and may not even provide relief to homebuyers who are facing high borrowing costs, said Gary Cohn, who served as chief economic adviser to former President Donald Trump.

"Unfortunately, I think those rates have already priced in what the Fed is going to do," Cohn said Sunday on CBS's Face the Nation. "I do not see a major impact to the mortgage market or credit-card financing or anything else by the Fed starting to drop rates this week."