Mortgage rates for September 19, 2024, remain near 5.60%, according to Zillow data. The Fed slashed rates this week, helping mortgage rates stay low after dropping earlier this month. Because the Fed is likely to cut rates further,

In a move that was widely anticipated and hoped for, the Federal Open Market Committee (FOMC) opted on Wednesday to cut its fed funds interest rate by 50 basis points to a new target range of between 4.

Fed meeting is highly anticipated. It is expected to bring about the first rate cut after a series of hikes and pauses.