The general public thinks there is a direct, hard link between what the fed does and mortgage interest rates. That isn’t the case. It has a affect but there are other things at play. I also think that the fed could lower rates and then have the mortgage rates increase. The fed knows this to be the case, however. Maybe they won’t lower rates in attemp to save housing (and have it not work) because they know the dollar will get crushed. Just polishing my crystal ball…
