Mortgage Rates Hold Steady as Fed Signals Potential September Rate Cut

The Federal Reserve maintains current interest rates, with expectations for a reduction later this year amid cooling inflation and steady employment growth.

• Average 30-year fixed mortgage rates remain at 6.85%, with slight fluctuations in refinance rates.
• The Fed's latest policy meeting concluded with no changes to the benchmark interest rate, maintaining it at 5.25% to 5.50%.
• Cooling inflation and strong job market data contribute to speculation of a rate cut in September.
• Homebuying demand remains low due to high mortgage rates, despite potential future rate reductions.
• Experts predict a more favorable homebuying environment in 2025 as rates are expected to decrease further.

3 Articles

Fortune AOL Business Insider