What the Fed rate cut means for your mortgage

Breakdown

• The Federal Reserve cut interest rates by a quarter percent, but mortgage rates rose slightly. 4s
• Mortgage rates are still lower than earlier in the year, with the average 30-year fixed at 6.35%. 1m 15s
• Experts say refinancing could save homeowners hundreds of dollars per month if rates drop by 1%. 1m 28s
• Some buyers are waiting for rates to fall further before purchasing a home. 2m 5s
• Lower mortgage rates reduce the cost of buying a home, benefiting both buyers and current homeowners. 2m 30s