{"id":77654,"date":"2024-03-20T12:58:59","date_gmt":"2024-03-20T19:58:59","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77654"},"modified":"2024-03-20T12:58:59","modified_gmt":"2024-03-20T19:58:59","slug":"march-2024-fed-meeting","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/march-2024-fed-meeting\/","title":{"rendered":"Today\u2019s Fed Meeting Unlikely to Move the Needle on Mortgage Rates"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">The Fed\u2019s announcement that they\u2019re holding interest rates steady\u2013but still project three rate cuts in 2024\u2013won\u2019t immediately send mortgage rates down, but it shouldn\u2019t send them up, either.\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The Federal Reserve announced they\u2019re holding interest rates <\/span><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20240320a.htm\"><span style=\"font-weight: 400;\">steady<\/span><\/a><span style=\"font-weight: 400;\"> during their March 20 meeting, as expected. The Fed still projects three rate cuts this year starting at their June meeting, despite disappointing economic data to start the year.\u00a0 There were no fireworks at today\u2019s Fed meeting; it was more of a sigh of relief that they didn\u2019t cut back on the number of expected rate cuts.\u00a0\u00a0<\/span><\/p>\n<p><b>The decision: <\/b><span style=\"font-weight: 400;\">Held the Fed funds rate steady as expected at 5.25-5.5%. The statement did not change much, suggesting rate cuts are not imminent.<\/span><\/p>\n<p><b>Economic and interest rate projections:\u00a0<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The committee formally projects their outlook for the economy and interest rates every other meeting. They released a new set of projections today. Compared to the last set of projections, today they projected higher economic growth (2.1% vs 1.4% GDP growth), lower unemployment rate (4.0% vs 4.1%), and higher inflation (2.6% vs 2.4% core PCE growth) for 2024.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Despite expecting a hotter economy in 2024, they are still projecting 3 rate cuts of 25 bps each, same as the December projection. More committee members were projecting 2 cuts than before. That means that even though the median stayed the same, the projection is leaning slightly more toward higher rates compared to December.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Markets had been worried that they would cut back expectations for rate cuts to two from three after recent hot inflation and job market data, and breathed a sigh of relief on the news. Fed Chairman Jerome Powell explained in the press conference that they didn\u2019t think those two most recent months of data changed the overall picture much, meaning they expect the data to be bumpy but they still see progress toward their goal.<\/span><\/li>\n<\/ul>\n<p><b>When the Fed will start cutting rates: <\/b><span style=\"font-weight: 400;\">Powell had the chance during the press conference to take a rate cut at the May 1 meeting off the table, as he did in the January meeting. But he did not. A cut in May is unlikely, however, as there aren\u2019t enough inflation and job market data reports before that meeting for the Fed to start cutting. Most likely, the Fed will start cutting in its June meeting, which gives it enough time to get enough economic data to feel confident about inflation and unemployment, <\/span><i><span style=\"font-weight: 400;\">and <\/span><\/i><span style=\"font-weight: 400;\">enough time before the election to avoid accusations of being politically biased.<\/span><\/p>\n<p><b>What this means for homebuyers and sellers: <\/b><span style=\"font-weight: 400;\">Mortgage rates are still expected to fall gradually this year as the Fed solidifies its plans to cut rates this year. When enough economic data accumulates to set the stage for that, rates will start to drop. However, we don\u2019t expect rates to drop precipitously. We should end the year in the low 6% range. That means the housing market won\u2019t shift dramatically this year, but we do expect more supply and transactions this year amidst weakening price growth.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Fed\u2019s announcement that they\u2019re holding interest rates steady\u2013but still project three rate cuts in 2024\u2013won\u2019t immediately send mortgage rates down, but it shouldn\u2019t send them up, either.\u00a0 The Federal Reserve announced they\u2019re holding interest rates steady during their March 20 meeting, as expected. The Fed still projects three rate cuts this year starting at [&hellip;]<\/p>\n","protected":false},"author":13558,"featured_media":77655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[632],"tags":[36,623],"dashboard":[],"coauthors":[622],"class_list":["post-77654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-from-our-economists","tag-economics","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Today\u2019s Fed Meeting Unlikely to Move the Needle on Mortgage Rates<\/title>\n<meta name=\"description\" content=\"The Fed\u2019s announcement that they\u2019re holding interest rates steady\u2013but still project three rate cuts in 2024\u2013won\u2019t immediately send mortgage rates down, but it shouldn\u2019t send them up, either.\" \/>\n<meta name=\"robots\" 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