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Oct Mortgage Updates

Updated: Oct 19

October 2024 Mortgage News - Key Points:

  1. Fed Rate Cut: The Federal Reserve dropped rates by 0.5% in September after two years of high rates.

  2. Market Reaction: The market had already anticipated the rate cut, so there was no significant movement when it was announced.

  3. Future Projections: The Fed is projecting an additional 1.5% drop in rates with several more cuts expected by the end of next year.

  4. Economic Reports: Traders will be closely monitoring economic reports ahead of the next Fed meeting in November to anticipate any further rate cuts.

  5. Buyer Activity: Lower rates are encouraging buyers, leading to increased activity in the mortgage market.

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