Having hit a 23-year high of 7.79 percent last week, the average rate for a benchmark 30-year mortgage has since inched down 3 basis points (0.03 percentage points) to 7.76 percent, according to Freddie Mac.

The 7.76 percent average rate was measured prior to yesterday’s announcement by the Fed, however, and the yield on the 10-year treasury has since dropped around 20 basis points, which should translate into a lower average 30-year mortgage rate over the next week.

All that being said, keep in mind that a 7.76 percent rate is effectively the long-term average for a 30-year mortgage and not historically “high,” with the probability of an easing by the Fed by the end of this year holding at 0 percent and the futures market still predicting that the Fed isn’t likely to start cutting rates until mid-2024, at the earliest, none of which should catch any plugged-in readers by surprise.

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