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Fed Cut: Why Mortgage Rates Still Rise
Despite the Federal Reserves recent quarter-point interest rate cut, the average thirty-year fixed mortgage rate has risen, contrary to expectations. This increase, from around 6.25% to 6.34%, is due to investors demand for higher returns on long-term government bonds, which influences mortgage rates more than the Feds overnight rate. This small percentage change can significantly impact borrowers, adding roughly $70-$80 to monthly payments on a $400,000 loan.
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Published on 4 days, 16 hours ago