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prima:Mortgage bankers optimistic that the Fed will begin to cut interest rate

This Wednesday, the Federal Reserve Bank is expected to begin a tightening process that will reduce its current rate of 5.50% by 25 to 50 points

September 18, 2024 - 12:37 PM

The first effect of Federal Reserve Bank rate reductions is usually seen in closing costs, because origination costs can go down, said Dimas Rodríguez, president of Equity Mortgage. (Archivo)

With the caveat that “we don’t have a crystal ball,” the past president of the Mortgage Bankers Association (MBA), Luzmarie Vélez, estimated that the banking industry will be optimistic if the Federal Reserve Bank executes this Wednesday the long-awaited 25 to 50 basis points cut in its interest rate.

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