Federal Reserve Lowers Interest Rates, But Mortgage Rates Remain High Due to Low Housing Inventory

The Federal Reserve cut interest rates slightly, easing borrowing costs for banks, credit cards, and car loans. However, mortgage rates remain elevated, reaching 6.79% due to low housing inventory and high demand, pushing home prices to record levels. First-time buyers struggle in this competitive market, but experts anticipate mortgage rates may stabilize around 6%.