When will mortgage rates go down? They’ve started decreasing, but it’s unclear if they will continue to do so.

Now that the Federal Reserve has lowered the fed funds rate, will mortgage rates continue dropping? It’s possible, but if mortgage rate trends after last year’s Fed rate cuts are any indication, it’s unlikely. While mortgage rates aren’t directly based on the fed funds rate, they typically mirror fed fund rate trends. When people anticipate a fed funds rate cut, mortgage rates usually fall in the weeks leading up to the meeting. Learn more: How the Fed rate decision impacts mortgage ratesThe latest on 10-year Treasury yieldsWhile short-term lending rates closely follow the fed funds rate, mortgage rates more closely follow the 10-year Treasury yield.