Mortgage Rates Drop After Federal Reserve Meeting – May 02, 2024

Video Transcript

Mortgage rates got a boost from the Federal Reserve yesterday as the Fed adjourned from its fourth scheduled meeting of the year. The nation’s central banker voted unanimously 12-0 to keep the Fed Funds Rate in its target range near 5.25% while also changing course to reduce the pace at which it sells mortgage bonds from its balance sheet back into the market. The 1-2 combo, along with comments from Fed Chairman Powell, who still said he expects inflation to drop this year but with less conviction than he harbored before, gave Wall Street peace that the Fed’s next move won’t be a hike.

After the meeting, 30-year fixed-rate mortgage rates dropped. Purchasing power for homebuyers improved. And if you’re into this sort of thing, we’ve got an in-depth review on our main channel.

Head over, subscribe, check it out. Rates are better than what we saw last week. I’m Dan with Homebuyer.com, the mortgage company for home buyers.

Happy homebuying.