Fed continues interest rate pause, mortgage rates react

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The Fed pauses rate hikes, indicates cuts for 2024

The Federal Reserve announced that it would hold key interest rates where they are for the third consecutive meeting. That was expected. What wasn’t expected was that they set the table for multiple interest rate cuts in 2024 and beyond.

Policymakers highlighted cooling inflation and continued strength in the jobs market as reasons for optimism.

Rick Rieder, chief investment officer of global fixed income at Blackrock, stated, “While the weather is still cold outside, the Fed has suggested a potential thawing of frozen high interest rates over the next few months.”

How did mortgage rates react to The Fed?

The national average for a 30-year, fixed-rate mortgage ended the day down 0.27% to 6.82%*. The national average for a 30-year, fixed-rate mortgage hit its lowest point since May 2023 yesterday. Market watchers highlighted the dove-ish tone from The Fed as the key reason behind the rally. The overwhelming impression is that hikes are done unless there’s a surprise in the data.

What does the most expensive home listed in the U.S. look like?

Realtor.com has compiled the top 10 most expensive listings in the U.S. right now. According to their research, the most expensive current listing in the U.S. is a 77-acre property located in Rancho Santa Fe, CA. The sprawling estate has a lot more than just a home. It’s an equestrian estate built by famed Southern California architect Marc Appleton.

The estate offers a six-bedroom main residence, two guest houses, a six-unit apartment building, and multiple barns. The main residence is 15,000-sq. ft., and comes with exposed beam ceilings, arched doorways, multiple fireplaces, and several terraces. Amenities include a tennis court, lap pool, and full recreation pavilion with a bowling alley. It also has a stocked 15-acre lake that surrounds the lot.

* National average rates accurate as of 12/13/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

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