Realtor.com news! The overnight rate down to a range of 3.75% to 4%, marking the second consecutive cut since September and taking the federal funds rate to its lowest since late 2022.
Wednesday's quarter-point cut was widely anticipated and already largely priced into mortgage rates, which have fallen in recent months and reached a one-year low of 6.19% last week, according to Freddie Mac.
What does this mean … more affordability for buyers and could also bring more competition in areas where there is limited inventory.
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