The Federal Reserve kept the federal funds rate unchanged, a move that matched market expectations and was not expected to trigger a major immediate shift in mortgage rates.
Meanwhile, the average rate on a 30-year fixed mortgage fell by 10 basis points to 7.17% APR in the latest weekly reading, according to Zillow data provided to NerdWallet. A basis point equals one one-hundredth of a percentage point. The weekly average is calculated from daily APRs recorded over the previous five business days.
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