09/18/2025
The Federal Reserve lowered its benchmark interest rate by a quarter percentage point down to a range of 4.0% to 4.25%, its first rate change in nine months, and expects two more cuts this year.
A quarter-point cut was widely anticipated, and already largely priced into mortgage rates, which have fallen in recent weeks and reached an 11-month low of 6.35% last week, according to Freddie Mac.
Mortgage rates usually follow long-term bond yields, which rose Wednesday after the FOMC released its economic projections. The Fed now expects two more rate cuts this year and one in 2026—fewer than the three cuts next year that markets had anticipated. While the path for mortgage rates beyond that remains unclear, most economists expect them to remain above 6% through the end of the year.
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