00:00Despite the Federal Reserve cutting its benchmark rate this week, mortgage rates actually climbed,
00:05with the average 30-year fix jumping 20 basis points to 6.33 percent, according to Mortgage News Daily.
00:12The rise came after markets reacted negatively to Chairman Jerome Powell's comments,
00:16which suggested uncertainty about future rate cuts.
00:20Analysts say bond investors already pricing in the cut, but were spooked by Powell's tone,
00:25leading to higher yields and mortgage costs.
00:27While the recent dip in rates had fueled a surge in refinancing, home buying demand has barely budged.
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