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Fed Drops Rate to 0% But Mortgages May Not Follow

Mortgage News > Fed Drops Rate to 0% But Mortgages May Not Follow
Date: 03/17/2020    Fed Drops Rate to 0% But Mortgages May Not Follow

In response to troubled financial markets, the Federal Reserve cut its target rate to a range of 0% to 0.25% Sunday night, but experts say that mortgage rates are not likely to go that low. Although 30-year fixed rate mortgage rates hit an all-time low of 3.29% two weeks ago, they bounced back up the next week as refinance demand skyrocketed. Rates are back down to 3.36% this week and according to Mortgage Bankers Association associate vice president Joel Kan, they will “likely stabilize but remain low for now.”

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