The Fed is set to issue its first rate cut since 2020 this week. Here's how far mortgage interest rates could then drop.

Borrowers are finally starting to see signs of hope. Mortgage rates are at their lowest point in 18 months—and expected to fall further—after the Federal Reserve cut short-term interest rates by 0.50% or 50 basis points for the first time since the onset of the pandemic.

Interest rates affect the mortgage, credit card and savings rates for millions of people across the UK. The first drop in rates for more than four years came in August, but borrowing costs remain high.

M ore than two-thirds of Americans believe buying a home is a key part of the American dream, according to a recent BMO Financial study. However, despite the persistent belief in