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Federal Reserve Cuts Interest Rates By 50 Basis Points

  • September 18th 2024

by UrbanTurf Staff

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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.

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