The Federal Reserve held its key interest rate steady this week for the fifth consecutive meeting, as Fed Chair Jerome Powell said the central bank is still not ready to lower borrowing costs yet. The Fed still projects three rate cuts this year starting at their June meeting, but for now, funds rate will hold steady as expected at 5.25-5.5 percent.
So what does this mean for the real estate market? Expect mortgage rates to remain relatively stagnant.
Redfin reports that mortgage rates are still expected to fall gradually this year, just slower than some may have hoped. Economists say we should end the year in the low 6 percent range.