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Home»Personal Finance»Despite Fed Cut, Mortgage Rates Go Up in Eventful Week
Personal Finance

Despite Fed Cut, Mortgage Rates Go Up in Eventful Week

November 8, 2024No Comments2 Mins Read
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The Federal Reserve recently reduced short-term interest rates by 25 basis points, yet mortgage rates have continued to rise. In the week ending Nov. 7, the average rate for a 30-year fixed-rate mortgage increased by 11 basis points to 6.86%, according to data from Zillow provided to BW. This unexpected rise in mortgage rates has left observers puzzled, especially after a weaker-than-expected October employment report was released on Nov. 1. Typically, mortgage rates would decrease or stabilize in response to disappointing job gains, but the 30-year mortgage rate continued to climb.

Market analysts speculate that the poor showing in the October job market may be attributed to temporary factors such as labor strikes and business closures caused by hurricanes Helene and Milton. Investors seem to believe that these issues are short-lived and that the economy will soon recover, leading them to push mortgage rates higher.

Despite the Federal Reserve’s efforts to lower interest rates, mortgage rates have surged, highlighting the disconnect between short-term rates set by the Fed and long-term mortgage rates. The Fed’s goal of controlling inflation while avoiding a recession is a complex balancing act, and recent economic indicators suggest that the central bank is making progress towards its objectives.

Donald Trump’s election victory also played a role in driving mortgage rates up, with investors anticipating fiscal policies that could widen the federal deficit and impact inflation. The prospect of tax cuts, deregulation, and economic growth under a Trump administration has generated excitement in the financial markets, leading to higher yields on government debt and subsequent increases in mortgage rates.

Overall, the divergence between Fed actions, economic indicators, and political developments underscores the complexity of the mortgage market and the various factors influencing interest rates.

cut Eventful Fed Mortgage Rates Week
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