A cut in federal interest rates won’t necessarily mean better mortgage rates or lower prices for Utahns looking to buy a home, industry experts say.

The Federal Reserve cut its benchmark interest rate on Wednesday for the first time in nine months and signaled further cuts are likely.

Historically, a Fed rate cut has led to mortgage rates dropping as yields drop on 10-year U.S. Treasury notes, said Dejan Eskic, a senior research fellow at the Kem C. Gardner Policy Institute .

“[But] the last couple of cuts we’ve seen, it’s actually done the opposite,” said Eskic, whose research focus includes housing, construction and real estate.

Mortgage rates are at their lowest point in nearly a year — but still far above pre-pandemic rates.

That’s because, Eskic said, the market anticipated t

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