Mortgage rates currently sit at 6.58% – a 10-month low. But the real question is what the Federal Reserve will do at their next meeting in September.
Fed Chairman Jerome Powell gave a clue when he recently said, “… with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
President Trump has been calling for deep cuts in the Fed’s benchmark rate for months. He’s also opened an investigation into a member of the Federal Open Market Committee with the hopes of replacing her with someone who aligns more with his views.