The Federal Reserve’s latest interest rate cut won’t necessarily lead to lower mortgage rates, according to experts. Despite predictions that mortgage rates would continue to fall following the rate cut, they have remained stable in recent months. The 10-year Treasury yield, which influences mortgage rates, has been relatively flat since mid-July. Inflation concerns and a weakening job market are also affecting the housing market. Experts warn that further drops in mortgage rates and slower home price growth would be needed to make buying a home more affordable.
Source: https://www.pbs.org/newshour/nation/what-to-know-about-the-feds-rate-cut-and-mortgage-rates