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 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 number crept up to 6.22% later Wednesday, a 0.09 percentage point increase.

The weekly average for a 30-year fixed-rate mortgage was down to 6.35% as of Sept. 11, the biggest weekly drop in the past year, according to the Federal Home Loan Mortgage Corporation, better known as Freddie Mac.

The recent reduction in mortgage rates, which had risen to more than 7

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