The Fed is Cutting Rates Next Week, But Not Mortgage Rates
If Feds drop the rates next week I don't expect any significant changes in mortgage rates. Mortgage rates are determined by the MBS and not the Fed rates, though history has showed they will often follow the Fed rates but most lenders have already adjusted rates in anticipation to what is expected to happen next week. The drop in the Fed rate will decrease the cost of money and that would help a lot of business's.