The Federal Reserve kept interest rates steady Wednesday between 4.25% and 4.50%, marking the third consecutive pause in rate policy and extending the wait for potential homebuyers seeking relief from elevated mortgage costs.
What Happened: Housing market participants hoping for signs of mortgage rate relief were disappointed as Fed Chairman Jerome Powell emphasized that no further action on interest rate cuts will be taken until sufficient economic data supports such moves, reported The Street.
The decision comes as recent mortgage applications plunged 12.7% and existing home sales fell 5.9% in March, according to the Mortgage Bankers Association and National Association of Realtors data.
“The financial hurdles to …