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The Federal Reserve is meeting this week to discuss another hike to the federal funds rate, and homebuyers will want to pay close attention to what the central bank decides.
Mortgage rates dropped significantly last week following the collapse of Silicon Valley Bank. Before the bank's failure, the Fed was expected to hike its benchmark rate by 50 basis points in another aggressive move to fight stubborn inflation. But with the recent turbulence, markets now largely expect a smaller, 25-point hike on Wednesday.