The Federal Reserve is expected to cut rates at its September 18 meeting. Here's how the decision could impact your finances.
It's been a long and bumpy road to the Federal Reserve 's first interest rate cut in more than four years — a moment that could prove decisive to the finances of millions of Americans. On Wednesday, the Fed is expected to reduce its benchmark rate, which currently stands at its highest point in 23 years, after the central bank introduced a flurry of rate hikes to tame the pandemic's high inflation.
That placed homebuying out of financial reach for many would-be buyers, especially as home prices continue to climb. Already, mortgage rates have slid ahead of the September 18 rate decision, partly due to anticipation of a cut as well as weaker economic data. The 30-year fixed-rate mortgage currently sits at about 6.29%, the lowest rate since February 2023, according to the Mortgage Bankers Association.
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