When the Federal Reserve cuts interest rates, shouldn’t mortgage rates follow? Not this time.

Mortgage rates moved in the opposite direction late last month, increasing 0.2 points the day after Federal Reserve Chairman Jerome Powell on Oct. 29 announced the second cut this year to the reserve’s benchmark interest.

The quarter-point cut brought the Fed’s benchmark rate to about 3.9%, down from 4.1%.

The central bank had pushed rates as high as 5.3% in 2023 to fight the worst inflation surge in 40 years. Lower rates typically ease borrowing costs across the economy — from mortgages and car loans to credit cards.

Analyzing why mortgage rates weren’t lowered, Las Vegas Realtors President George Kypreos points to Powell’s other comments during the meeting.

“A further reduction in the polic

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