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AI Summary
- Federal Reserve cut rates by 50 basis points in September, but mortgage rates subsequently rose, defying conventional expectations about rate cuts stimulating borrowing
- Tom Graff from Facet explains that mortgage rates aren't directly linked to Fed rates; the spread between 30-year fixed and 10-year Treasury fluctuates based on multiple factors and market pricing of future rate cuts
- For mortgage rates to move sustainably lower, specific economic conditions need to be met beyond just Fed rate cuts