Fed Cuts Rates 25 Basis Points
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Mortgage rates have already fallen in anticipation of the Fed's rate decision, with the average 30-year fixed rate falling to 6.35% last week.
Powell's remarks followed soon after the first Fed rate cut in nine months, which brought the central bank's rate down by a quarter-point.
Hours after the Federal Reserve cut its benchmark interest rate on Wednesday by 25 basis points, mortgage rates ticked up 9 basis points. Why did that happen? And will mortgage rates continue to climb from here?