October 2024 Mortgage News - Key Points:

Fed Rate Cut: The Federal Reserve dropped rates by 0.5% in September after two years of high rates.
Market Reaction: The market had already anticipated the rate cut, so there was no significant movement when it was announced.
Future Projections: The Fed is projecting an additional 1.5% drop in rates with several more cuts expected by the end of next year.
Economic Reports: Traders will be closely monitoring economic reports ahead of the next Fed meeting in November to anticipate any further rate cuts.
Buyer Activity: Lower rates are encouraging buyers, leading to increased activity in the mortgage market.