BOISE, Idaho — Interest rates and mortgage rates are headed down. But there’s another important number that’s headed up, which means housing might not get more affordable at all.
Jerome Powell, the Federal Reserve Chairman, recently announced the Fed would cut its key interest rate for the first time this year.
“Inflation has risen recently and remains somewhat elevated. In support of our goals and in light of the shift in the balance of risks, today the Federal Open Market Committee decided to lower our policy interest rate by a quarter percentage point,” he said…