Mortgage rates rose today by about as much as the Fed lowered – just like last time!
If anyone needed any further convincing that a Fed rate cut is no guarantee of lower mortgage rates, today is a great piece of evidence. Perhaps “great” is the wrong word. There was nothing great about the mortgage rate movement following today’s Fed rate cut.
The average lender is at least 0.20% higher than earlier this morning. Lenders are still in the process of adjusting their rate sheets, so the total damage could vary slightly by the time we’re able to run the full numbers.
Either way, the top tier conventional 30yr fixed rate will easily be back over 7% for the average lender.
What gives?
Read full article here:
https://www.mortgagenewsdaily.com/markets/mortgage-rates-12182024
