What's Hot: The Most Expensive Home In Chevy Chase Will Hit The Market For Just South Of $10 Million
Federal Reserve Cuts Interest Rates By 50 Basis Points
✉️ Want to forward this article? Click here.
The Federal Reserve announced Wednesday afternoon that it would cut interest rates by 50 basis points, the first time that rates have been cut since 2020.
"In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent," a statement from the Fed read. "The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance."
Today's announcement will likely result in mortgage rates dropping throughout the rest of the year, but perhaps not as much as consumers would like. Long term rates have already fallen in the past several weeks, down to 6.2%, likely in anticipation of this afternoon's announcement.
UrbanTurf will report on the mortgage rate announcement from Freddie Mac on Thursday to see what effect this announcement had on rates.
See other articles related to: interest rates, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/federal_reserve_cuts_interest_rates_by_50_basis_points/22728.
Most Popular... This Week • Last 30 Days • Ever
If the home ultimately sells for around that list price, it would set a record as the... read »
When purchasing a home, it's crucial to conduct a thorough inspection to determine th... read »
The federal government could be shut down by the end of today, and that shutdown coul... read »
The multi-faceted project will include restaurant, bar, fitness and event spaces.... read »
In 2017, DC's Wardman Tower was reimagined into 32 of the most luxurious condos in th... read »
- Fox News Bret Baier's $29 Million DC Home Finds A Buyer
- A Home Inspection Primer For New Home Buyers
- How a Government Shutdown Could Affect Home Loans
- Union Market Lite? New Food Hall And Event Space Planned For H Street Corridor
- A Singular Residence Comes Up for Sale at One of DC's Most Illustrious Addresses
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro