Mortgage rates dipped in anticipation of the Federal Reserve’s rate cut Sept. 17, something many anxiously watching the housing market hope gives metro Phoenix’s housing home sales a boost.

But rates aren't likely to fall much more anytime soon, and even inched up a bit after the Fed's move.

The average 30-year fixed rate mortgage fell to 6.13%, earlier this week, according to Mortgage News Daily. But on Wednesday after the Fed’s .25 percentage point cut, lowering the benchmark rate to 4%, the 30-year mortgage average ticked up to 6.22%.

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