JUST IN: The Federal Reserve cuts its benchmark interest rate by a quarter percentage point, the first cut since the 2008 financial crisis.
The Federal Reserve on Wednesday cut its benchmark interest rate by a quarter percentage point, the first cut since the 2008 financial crisis. The new short-term range will be between 2% and 2.25%.ABC News spoke with experts before the anticipated rate cut was announced. The answer, economists say, is not by very much.
Mortgage rates are already pretty low, Feroli said, noting that a 30-year fixed rate mortgage was at 5.17% in November 2018, and last week it was 4.08%.
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