With the Federal Reserve expected to deliver its first rate cut in nine months , likely 25 basis points, Las Vegas-area mortgage adviser Matt Hennessy explained that, although mortgage rates don’t move in lockstep with Fed decisions, they have been steadily trending lower in the second half of 2025.

“Mortgage rates are driven by longer-term bond yields like the 10-year Treasury, rather than directly by the fed funds rate,” he said. “Historically, if markets anticipate rate cuts or easing inflation, mortgage rates start trending lower before the Fed actually acts.”

Hennessy, a Las Vegas native, has etched out a career of more than 25 years as a certified mortgage and liability adviser with Benchmark Mortgage.

He spoke to the Review-Journal about mortgages, economic policy, interest rates

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