KEY TAKEAWAYS

Mortgage rates hit a three-year low on Wednesday prior to the Federal Reserve's rate cut.

Despite the anticipated rate cut, Zions Bank mortgage manager Jeremy Holmgren said mortgage rates won't change much.

Fed Chair Jerome Powell noted housing is sensitive to rate changes, and future cuts may also lower mortgage rates.

SALT LAKE CITY — Mortgage rates just hit a three-year low, but it's not yet clear whether that decline will continue now that the Federal Reserve's benchmark interest rate has been cut by a quarter percentage point, as expected.

Before Wednesday's midday announcement by the Fed, Mortgage News Daily posted a 6.13% rate for a 30-year fixed-rate mortgage, falling 0.12 percentage points from the previous daily index to the lowest rate since late 2022.

That n

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