Federal Reserve Holds Interest Rates Steady, Signals Potential Cuts in 2024

Experts Predict Surge in Mortgage Refinancing as Homeowners Seek Financial Relief from High Interest Rates

The Federal Reserve has held its key interest rate steady for the third consecutive time, signaling potential rate cuts in 2024.
Experts predict a surge in mortgage refinancing across the U.S. as homeowners seek financial relief from high interest rates.
Since January 2021, approximately 3 million mortgages have been issued with interest rates above 6 percent.
A reduction in interest rates could lead to significant monthly savings for homeowners, potentially easing the financial burden for millions.
Applications to refinance home loans increased 19% last week from the previous week after mortgage rates dropped from a high of 8% in mid-October to less than 7%.