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Federal Reserve Lowers Interest Rates, But Mortgage Rates Remain High Due to Low Housing Inventory

Name: Federal Reserve Lowers Interest Rates, But Mortgage Rates Remain High Due to Low Housing Inventory
Uploaded: 2024-11-12T17:30:00-08:00
Channel: NBC Palm Springs
Description: The Federal Reserve cut interest rates slightly, easing borrowing costs for banks, credit cards, and car loans. However, mortgage rates remain elevated, reaching 6.79% due to low housing inventory and high demand, pushing home prices to record levels. First-time buyers struggle in this competitive market, but experts anticipate mortgage rates may stabilize around 6%.

By: NBC Palm Springs

November 12, 2024

Federal Reserve interest ratesmortgage rates highhousing markethome priceslow inventoryfirsttime home buyersLawrence Yun

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