Big drop in Mortgage Rates:

In a bold move on Wednesday afternoon, the Federal Reserve raised the federal funds rate by 75 basis points.

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The Fed took this decision due to unexpectedly high inflation, as well as geopolitical turmoil and the pandemic.

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US market analysts are considering this move of the Federal Reserve as a historic step to stop inflation.

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In the fed rate, 75 basis points is equal to 0.75% because one basis point is equal to one hundredth of a percentage.

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Following today's move by the Federal Reserve System, this target interest rate ranges from 1.50% to 1.75%.

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Mortgage interest rates, which previously rose more than 2 percent in anticipation of the Federal Reserve's projected moves, have declined.

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Today’s Mortgage Rates: 30-Year Mortgage Rate: 6.10% 15-Year Fixed Rate: 5.24% 30-Year Jumbo Mortgage Rate: 5.96% 5/1 ARM Rate: 4.02%

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Let us tell you that Fed hikes interest rates by three-quarters of a percentage point in boldest move since 1994.

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