The Fed will make an interest rate decision next week. Here’s what it may mean for mortgage rates.
The Federal Reserve's flurry of interest rate hikes since March 2022 have taken a toll on home buyers, pushing the typical mortgage rate above 8%, a level not seen since 2000. On Wednesday, the Federal Reserve is set to make another interest rate decision that could impact the home loan market.The central bank is expected to hold rates steady at its November 1 meeting, according to economists surveyed by FactSet. That comes as credit cards are now charging the highest interest rates on record, and many home buyers have been priced out of the real estate market due to loan costs. A pause on rate hikes could provide a backstop against higher borrowing costs, yet it might not immediately translate into lower mortgage rates, according to financial experts. That's partly because mortgage rate ...