CNN —
On Wednesday, the Federal Reserve is widely expected to cut interest rates after keeping them at a 23-year high for more than a year, fueling hopes that America’s sluggish housing market might soon turn a corner.
Mortgage rates have doubled since 2020, contributing to one of the most unaffordable housing markets in history. While the Fed doesn’t directly set mortgage rates, its actions affect borrowing costs throughout the economy.
The most apparent effect: An interest rate cut could help ease the upward pressure on mortgage rates, making one piece of the homebuying
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