The Federal Open Market Committee (FOMC) met again October 31 – November 1, after which Chairman Jerome Powell announced the Fed will leave rates unchanged at this time. Benchmark interest rates are currently between 5.25% and 5.5%. 

Powell is not ruling out another rate hike this year, but the Fed does appear to be in a holding pattern. 

While rates remain at a 22-year high, futures markets estimate the chance of the Fed raising rates another quarter point in December is about one in five. 

The Fed has not yet reached its 2% inflation goal, and the committee continues to monitor economic indicators. The Fed will not begin to lower rates until it has contained inflation.

What about mortgage rates?

Many experts predict we may see mortgage rates remain higher for longer, with home loan interest rates easing in 2024.

There are several ways to lower your interest rate, if you are looking to buy a home or refinance. Give me a call to learn more. I’m here to help you get the best rate possible!