Dean Greenberg, President of Greenberg Financial Group explained that interest rates on mortgages actually went up after the Federal Reserve's decision to drop federal interest rates.

The central bank has cut its benchmark interest rate three times in 2024, but mortgage rates haven't followed suit. In fact, they're higher. Why?

The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses