More importantly, though was Federal Reserve Chair Jerome Powell's pushback against the idea that rate cuts are imminent.
So, what does this mean for the housing market, which is eagerly anticipating lower rates to make housing even slightly more affordable?
According to Redfin, pushing out timelines for Fed rate cuts means mortgage rates are likely to remain elevated for longer this year, but it doesn't mean relief is off the table for homebuyers in 2024.
"Regardless of any short-term volatility in mortgage rates, we expect rates to come down gradually throughout the year," Redfin's Chen Zhao wrote following the Fed meeting.
AdvertisementThe real estate group notes that other forces are at work in the mortgage market as well, and the Fed isn't the only input.
Persons:
—, Jerome Powell's pushback, Redfin's Chen Zhao, Redfin, we'll, Powell, Fannie Mae
Organizations:
Service, Reserve, Business, US Department of, Treasury, Bank of America