Fed Rate Cut in September 2024

Federal Reserve Chairman Jerome Powell says "the time has come" to start cutting interest rates. But what exactly does that mean for mortgage rates and specifically their timeline?

Today we're going to address that question. We get a lot of inquiries asking, "when do we anticipate mortgage rates to start falling after the Fed's announcement?", and particularly, Jerome Powell's conversation on Friday, August 23, 2024, out in Jackson Hole indicating that "the time has come", that at the September meeting there's an expectation that the Fed is going to cut interest rates. But what exactly does that mean for mortgage rates?

Well, the short answer is, it's like the Prego spaghetti sauce commercial from the 80's... "it's in there".