Federal Reserve meetings are usually predictable. Policymakers signal their intentions in advance, the markets react, and most people have a general idea of what’s coming.
Not this time.
This week’s Federal Open Market Committee meeting brings a rare sense of uncertainty. While the market expects a rate cut, the debate is over how much. Will it be the usual quarter-percentage-point (25 basis points), or could the Fed make a bold move and cut by half a point?
This uncertainty makes the upcoming meeting more impactful than usual, with the decision to be announced Wednesday afternoon at 2 p.m. ET.
Currently, the average rate for a 30-year fixed mortgage is 6.881%.
For home buyers and sellers, the outcome could be crucial. A larger rate cut might bring down mortgage rates, making homes more affordable for buyers and potentially boosting the market. However, if the cut is smaller, rates may remain steady, leaving buyers and sellers navigating the status quo.
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