Mortgage rates continue falling after Federal Reserve cuts interest rates [Video]

Mortgage rates are falling after the Federal Reserve announced a cut in interest rates on Wednesday.”I think as we normalize rates, the housing market will normalize,” said Federal Reserve Chair Jerome Powell.President Joe Biden called the rate cut a sign of economic progress.”I think it’s good news for consumers. It means the cost of buying a home, car, and so much more will be going down,” Biden said.The average rate for a 30-year mortgage has now fallen to 6.09%, the lowest level since February 2023, according to Freddie Mac.”It could allow more home buyers, especially first-time home buyers, to be able to enter into the market in coming months,” said Jessica Lautz of the National Association of Realtors.Housing experts note that existing home prices are at historic highs, but buyers can now expect significant savings compared to the high rates seen last year.”In an ideal scenario, someone putting 20% down, …