Typical mortgage payment has soared $337 in just six weeks
2 years, 2 months ago

Typical mortgage payment has soared $337 in just six weeks

Daily Mail  

Just this week, lender Freddie Mac said that the lending rate has more than doubled in the last 12 months While the seven percent rise in mortgage rates is the highest since just prior to the Great Recession The volatility of mortgage rates has led to potential buyers abandoning their plans to buy homes The average homeowner's monthly mortgage payment was up 15 percent over the last six weeks, according to a new report The average US homeowner saw their monthly mortgage payment rise by 15 percent or $337, according to a shocking new report from Redfin. The report goes on to say that the rising mortgage rates of around seven percent are the highest since July 2007 shortly before crash that triggered the great recession. According to the Redfin report, the rising mortgage rates of around seven percent are the highest since July 2007 shortly before crash that triggered the great recession One of Redfin's key indicators of downturn in potential buyers is the fact that 'homes for sale' as a search term on Google was down 33 percent this September compared against the same time last year New listings of homes are down 14 percent from a year earlier One of Redfin's key indicators of downturn in potential buyers is the fact that 'homes for sale' as a search term on Google was down 33 percent this September compared against the same time last year. Seattle’s housing market is slowing faster than any in the country, a new study has revealed - as cash-strapped buyers increasingly shy away from home purchases Last week, the Federal Reserve bumped its benchmark borrowing rate by another three-quarters of a point in an effort to constrain the economy, its fifth increase this year and third consecutive 0.75 percentage point increase.

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History of this topic

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November
5 days, 13 hours ago

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November

Associated Press  

The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans. The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage …

US home sales hit fastest pace since March with more properties up for sale
5 days, 15 hours ago

US home sales hit fastest pace since March with more properties up for sale

Associated Press  

Sales of previously occupied U.S. homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher. Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low. “Looks like …

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
6 days, 11 hours ago

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more

Associated Press  

NEW YORK — 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. “Because the upcoming Trump administration’s policies might cause a resurgence in inflation or otherwise throw the economy off balance, the Fed might choose to take a wait-and-see approach …

U.S. Federal Reserve is set to cut key rate but consumers might not feel much benefit anytime soon
6 days, 23 hours ago

U.S. Federal Reserve is set to cut key rate but consumers might not feel much benefit anytime soon

The Hindu  

Federal Reserve officials on Wednesday will likely signal a slower pace of interest rate cuts next year compared with the past few months, which would mean that Americans might enjoy only slight relief from still-high borrowing costs for mortgages, auto loans and credit cards. The central bank’s policymakers may signal that they expect to reduce their key rate just two …

Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year
1 week, 4 days ago

Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year

Associated Press  

LOS ANGELES — Home shoppers hoping for more attractive mortgage rates next year may be disappointed. Most of the eight forecasts call for the average rate on a 30-year mortgage to remain above 6% next year, with some including an upper range as high as 6.8%. “Even by the end of next year it’s hard to see sub 6% mortgage …

Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline
1 week, 5 days ago

Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, welcome relief for prospective homebuyers during what’s typically a less competitive time of the year for the housing market. The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage is …

Jump in average fixed mortgage rates recorded in December, says Moneyfacts
2 weeks, 1 day ago

Jump in average fixed mortgage rates recorded in December, says Moneyfacts

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our …

Average rate on a 30-year mortgage in the U.S. falls
2 weeks, 3 days ago

Average rate on a 30-year mortgage in the U.S. falls

LA Times  

The average rate on a 30-year mortgage in the U.S. eased again last week, slipping to its lowest level since late October. Mortgage rates have been mostly rising in recent weeks since sliding to a two-year low of 6.08% in late September after the Federal Reserve cut its benchmark interest rate from a two-decade high for the first time in …

Average rate on a 30-year mortgage in the US falls to 6.69%
2 weeks, 5 days ago

Average rate on a 30-year mortgage in the US falls to 6.69%

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased again this week, slipping to its lowest level since late October. Mortgage rates have been mostly rising in recent weeks since sliding to a two-year low of 6.08% in late September after the Federal Reserve cut its benchmark interest rate from a two-decade high for the first time in …

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?
2 weeks, 5 days ago

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?

Daily Mail  

A major high street bank has announced it will cut mortgage rates by up to 0.39 percentage points. At present, the lowest five-year fix on offer via a major lender is a 4.14 per cent rate with Nationwide Building Society. Speaking to the Global Boardroom conference with the Financial Times, Andrew Bailey confirmed the Bank of England's central forecast of …

Mortgage approvals to home buyers reach highest level since summer 2022
3 weeks, 4 days ago

Mortgage approvals to home buyers reach highest level since summer 2022

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Homes that are well priced and well presented are …

Average rate on a 30-year mortgage in the US slips to 6.81%
3 weeks, 6 days ago

Average rate on a 30-year mortgage in the US slips to 6.81%

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased this week, though it remains near 7% after mostly rising in recent weeks. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.” Mortgage rates slid to just above 6% in September following the Federal Reserve’s decision to cut its main interest rate for the …

Mortgage rates: Bad news if you’re looking to buy a house in the next two years
1 month ago

Mortgage rates: Bad news if you’re looking to buy a house in the next two years

CNN  

Washington CNN — Americans looking to purchase a home in the next few years will have a tough pill to swallow. Mortgage rates are now expected to stay stuck above 6% for at least the next two years, according to economists and recent forecasts. Wells Fargo economists project mortgage rates to average 6.3% by the end of next year, according …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Hindustan Times  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. Average rate on a 30-year mortgage in the US rises to highest level since July The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. When mortgage rates increase they can add …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on …

Mortgage pain fuels highest rise in home ownership costs in 30 years
1 month ago

Mortgage pain fuels highest rise in home ownership costs in 30 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Soaring monthly mortgage payments are …

The average rate on a 30-year mortgage in the US slips to 6.78%
1 month, 1 week ago

The average rate on a 30-year mortgage in the US slips to 6.78%

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb. The rate slipped to 6.78% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. Last week, bond yields surged on expectations that President-elect Donald Trump’s plans to lower tax rates, increase tariffs and reduce regulation could ultimately lead to higher U.S. …

Trump enters just as the Fed is shifting its focus
1 month, 2 weeks ago

Trump enters just as the Fed is shifting its focus

Live Mint  

With its second consecutive interest-rate cut this year, the Federal Reserve is attempting to boost the odds of a soft landing. Alternatively, any resurgence in inflation could force the Fed to stop cutting rates, raising the odds that the economy faces a hard landing later in Trump’s term. Due in part to the Fed cutting rates with a solid economy, …

Average rate on a 30-year mortgage in the US rises for 6th straight week
1 month, 2 weeks ago

Average rate on a 30-year mortgage in the US rises for 6th straight week

Associated Press  

The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning to its highest level since early July. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though the housing market remains …

Home repossessions jumped annually in the third quarter of 2024
1 month, 2 weeks ago

Home repossessions jumped annually in the third quarter of 2024

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The effect on private renters can also not be …

The Fed cuts interest rates — but Trump's election could make things trickier
1 month, 2 weeks ago

The Fed cuts interest rates — but Trump's election could make things trickier

NPR  

The Fed cuts interest rates — but Trump's election could make things trickier toggle caption Anna Moneymaker/Getty Images North America The Federal Reserve lowered interest rates by a quarter percentage point Thursday, as expected — but the central bank may grow more cautious about future rate cuts as it monitors the impact of economic policies in a second Trump administration. …

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win
1 month, 3 weeks ago

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win

LA Times  

Mortgage rates have been on the rise despite recent action from the Federal Reserve. In September, the Federal Reserve lowered its benchmark interest rate for the first time since 2020, giving hope to prospective home buyers that mortgage rates would follow suit. “They are saying ‘What’s going on?’” The fact that mortgage rates have gone up despite the cut underscores …

Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget
1 month, 3 weeks ago

Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The number of mortgage approvals …

Mortgage Rates Continue to Rise as Economic Data Remains Strong
2 months ago

Mortgage Rates Continue to Rise as Economic Data Remains Strong

CNN  

Mortgage rates rose again this week, marking the fourth consecutive weekly increase. The average rate on a standard, 30-year fixed mortgage was 6.54% in the week ending October 24, 2023, the highest level since early August but still below this year's high of 7.22% seen in early May. Expectations of a Fed rate cut caused mortgage rates to drop to …

Why mortgage rates have gone up, and when they might settle
2 months, 1 week ago

Why mortgage rates have gone up, and when they might settle

NPR  

Why mortgage rates have gone up, and when they might settle Mortgage rates have inched higher recently, after falling for several weeks. AYESHA RASCOE, HOST: You might expect that mortgage rates would be falling right now after the Federal Reserve cut interest rates by half a point last month. It's because mortgage rates aren't tied to the Fed's interest rate, …

US economy exceeded expectations for job growth last month, data shows
2 months, 2 weeks ago

US economy exceeded expectations for job growth last month, data shows

Daily Mail  

The US economy far exceeded expectations for job growth last month, according to new data released Friday. The Fed's benchmark interest rate does not directly affect mortgage rates, but home loan costs tend to dip alongside rate cuts. 'Although mortgage rates have relented substantially, they bounced back somewhat this week as investors and the Fed disagree somewhat on the likely …

Mortgage approvals for house purchase jump to two-year high in August
2 months, 3 weeks ago

Mortgage approvals for house purchase jump to two-year high in August

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Remortgage approvals also picked up after a dip in …

Major bank makes big call on interest rates - here's when home borrowers can expect some relief
2 months, 3 weeks ago

Major bank makes big call on interest rates - here's when home borrowers can expect some relief

Daily Mail  

A major bank has now revised its interest rate forecasts to have the Reserve Bank providing relief in February. National Australia Bank also forecast rates being eased by 25 basis points during every quarter of 2025 until the cash rate fell to 3.1 per cent in early 2026 for the first time since February 2023. A major bank has now …

How the economy will respond to the Fed's rate cuts
3 months, 1 week ago

How the economy will respond to the Fed's rate cuts

Politico  

“Rate cuts going into the end of this year and the beginning of next year will help provide some momentum to the economy,” said Bharat Ramamurti, a former Biden White House official who’s now advising Harris’s campaign. “Very sharp and significant Fed rate hikes didn’t have the same effect on the economy that you would have expected,” said David Wessel, …

Will interest rate decline shake up California housing market?
3 months, 1 week ago

Will interest rate decline shake up California housing market?

LA Times  

The interest rate on a 30-year fixed mortgage has fallen from above 7% in May to the low 6% range as of last week. For many prospective homebuyers, the last two years have been brutal as high home prices and mortgage rates produced the most unaffordable housing market since the 2000s bubble. Experts attribute the recent decline in mortgage rates …

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan
3 months, 1 week ago

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan

LA Times  

Houses and residential buildings in San Francisco. While mortgage rates have come down, the average rate on a 30-year home loan is still more than double what it was just three years ago. Homeowners with an adjustable-rate mortgage, or ARM, that’s set to adjust to a higher rate may also want to consider refinancing while rates head lower. Mortgage rates …

Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year
3 months, 3 weeks ago

Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year

Associated Press  

The average rate on a 30-year mortgage eased for the second week in a row and remains at its lowest level in more than a year, good news for prospective homebuyers facing home prices near all-time highs. “Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. “Rates are …

Fed leader, concerned about jobs downturn, tees up interest rate cuts
4 months ago

Fed leader, concerned about jobs downturn, tees up interest rate cuts

LA Times  

Federal Reserve Chair Jerome H. Powell now sees inflation as less of a threat and maximizing jobs as even more important. But Powell’s emphasis on doing “everything we can to support a strong labor market” gave some economists reason to think that the Fed could make a half-point move next month. Powell said that the pace of policy actions would …

Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving
4 months, 2 weeks ago

Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving

Daily Mail  

Mortgage rates have fallen to their lowest level in 15 months - but one expert is warning a bigger drop is needed to kickstart the frozen housing market. Meredith Whitney said that mortgage rates need to hit 6 percent or below in order to kickstart the frozen market The average 30-year fixed-rate mortgage eased to 6.47 percent this week, according …

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan
4 months, 2 weeks ago

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan

Associated Press  

LOS ANGELES — Mortgage rates haven’t been this attractive in more than a year, good news for homeowners eager to refinance. While mortgage rates have come down, the average rate on a 30-year home loan is still more than double what it was just three years ago. Homeowners with an adjustable-rate mortgage, or ARM, that’s set to adjust to a …

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February
4 months, 3 weeks ago

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it …

US economic growth increased last quarter to a healthy 2.8% annual rate
5 months ago

US economic growth increased last quarter to a healthy 2.8% annual rate

Associated Press  

WASHINGTON — The nation’s economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates. The central bank’s favored inflation gauge rose at a 2.6% annual rate last quarter, down from 3.4% in the first quarter of the year. the Fed thinks that it’s getting close …

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
5 months ago

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Live Mint  

LOS ANGELES — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for …

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
5 months ago

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for …

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?
5 months, 2 weeks ago

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

Associated Press  

LOS ANGELES — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply …

Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%
5 months, 3 weeks ago

Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage rose this week, pushing up borrowing costs on a home loan for the first time since late May. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.25% from 6.16% last week. But mortgage rates could begin …

High interest rates are hurting people. Here’s why it’s worse for Californians
5 months, 3 weeks ago

High interest rates are hurting people. Here’s why it’s worse for Californians

LA Times  

By the numbers, the overall U.S. economy may look good, but down at the street level the view is a lot grimmer and grittier. “I’ve been really sacrificing a lot to get to this point to purchase a home and now I just feel like I got here but I didn’t work quick enough because interest rates have gotten the …

Market for newly built homes slows as elevated mortgage rates put off many home shoppers
5 months, 3 weeks ago

Market for newly built homes slows as elevated mortgage rates put off many home shoppers

Associated Press  

LOS ANGELES — Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out. The recent slowdown in new home sales marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2% from a year earlier. As last year, homebuilders have lowered prices and offered incentives …

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
5 months, 3 weeks ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Live Mint  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
5 months, 3 weeks ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

Average long-term US mortgage rate falls again, easing to lowest level since early April
6 months ago

Average long-term US mortgage rate falls again, easing to lowest level since early April

Associated Press  

LOS ANGELES — Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April. “Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. Federal Reserve officials said …

High US interest rates forever: Do not count on this scenario
6 months, 3 weeks ago

High US interest rates forever: Do not count on this scenario

Live Mint  

In spite of the highest Federal Reserve policy rates in two decades, the US economy grew about 2.5% last year, unemployment remains low and stocks are near all-time highs, leading many observers to conclude that the economy has become less interest-rate sensitive—and probably needs permanently high benchmark rates to prevent overheating. Once inflation had been beaten, economists assumed that policy …

Long-term mortgage rates retreat for second straight week, US average at 7.02%
7 months, 1 week ago

Long-term mortgage rates retreat for second straight week, US average at 7.02%

Associated Press  

The average rate on a 30-year mortgage in the U.S. fell for the second straight week, giving some relief to home shoppers already facing sky-high prices and a shortage of supply. The average 30-year rate fell to 7.02% from 7.09% last week, mortgage buyer Freddie Mac said Thursday. Mortgage rates are influenced by several factors, including how the bond market …

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%
7 months, 2 weeks ago

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and …

The Fed indicated rates will remain higher for longer. What does that mean for you?
7 months, 2 weeks ago

The Fed indicated rates will remain higher for longer. What does that mean for you?

LA Times  

A sign highlighting the financing interest rate is displayed near the price sticker on an unsold vehicle at a Mercedes-Benz dealership. Mortgage rates, credit card rates, auto loan rates and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates …

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