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The 30-year fixed-rate mortgage has risen every week since the Fed cut interest rates on Sept. 18, jumping from 6.2 percent to 7 percent in the week that ended on Nov. 7, according to Bankrate data.
The move means officials have now slashed the Fed’s key benchmark interest rate — the federal funds rate — a full percentage point, bringing the new target rate down to 4.25-4.5 percent.
The Fed cut rates by half a point in September, marking the central bank’s first rate-reduction during a 2 1/2 year battle against inflation in the wake of the COVID-19 pandemic.
The Fed cut its federal funds rate — the interest rate banks charge each other for short-term loans — by 0.25 percentage points, lowered the rate to a range of 4.25% to 4.5%, down from its ...
The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in 2025, down from their estimate in September of four rate cuts.
The Federal Reserve on Wednesday cut interest rates by a quarter point, the third rate cut since it began to lower borrowing costs in September. The central bank’s latest move leaves its ...
Thursday’s Fed rate cut reduced its benchmark rate to about 4.6%, down from a four-decade high of 5.3%. The Fed had kept its rate that high for more than a year to fight the worst inflation ...
The Fed’s preferred overall inflation measure has tumbled to 2.3% – still above its 2% goal – from 7% in mid-2022, leading officials to cut the funds rate by an outsize half point in ...