Fed cuts rates by .5%

[Michael Baum]

Just announced. More than many thought including me. I figured 1/4 point then another in a couple of months.

Should be interesting to see how things shake out.

[Chris Seveney]

@Michael Baum

I believe they noted to be another 1/2 point and down to 4.5 by end of year, 3.5 by end of 2025 and 3 by end of 2026.

Again mortgage rates are closerly correlated to 10 year not short term rates - so we can see how that reacts and how investors price the 10 year to gauge mortgage rates

I think people think rates will drop tomorrow but the last month rates have been dropping knowing the fed was reducing rates