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Feds Could Cut Rates in September

The Federal Reserve is on the brink of reducing interest rates as early as September, a move that has already precipitated a decline in mortgage rates. This anticipatory action suggests further decreases in borrowing costs even before the central bank officially intervenes.

Currently, the average rate on a 30-year fixed-rate mortgage has dipped to its lowest since early February, according to Freddie Mac, which reported a decrease to 6.73% from a high of over 7.2% earlier in the year. Updated weekly data is expected to be released by Freddie Mac this Thursday.

Amid a broader market movement where stocks have retreated and bonds have surged, mortgage rates have seen an additional drop. Mortgage News Daily reports that the average rate earlier this week fell to a remarkable low of 6.3%, the lowest in over a year.

This bond rally, particularly noticeable during the stock market downturn, has seen the yield on the 10-year Treasury note fall to a year-long low of below 3.7% at its peak on Monday. Douglas Duncan, chief economist at Fannie Mae, elucidated the relationship between Treasury yields and mortgage rates in a discussion with Yahoo Finance. "The 10-year [Treasury] comes down, the mortgage rate typically comes down with it. Maybe not as far, maybe sometimes further. It depends on what else is happening in the market," Duncan stated.

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