For the third meeting in a row, the Federal Reserve cut interest rates—a “hawkish” move in an effort to help a softening labor market. The 0.25% cut brought the interest rate range to 3.5% to 3.75%—but economists and housing experts warn that’s not going to affect mortgage rates in the way potential homebuyers were hoping for.
Chen Zhao, head of economics research at Redfin, wrote in a Wednesday post that the Fed’s December interest rate cut won’t move mortgage rates “because markets have already priced it in.”
