Fed is expected to cut rates
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This dip in mortgage loan rates isn't just good for homebuyers, though. It has also energized existing homeowners, as evidenced by the surge in both purchase and refinance applications that occurred when rates dipped.
The Federal Reserve is almost certain to slash interest rates at its September meeting, according to Wall Street.
The Bank of England holds rates as it seeks to tackle inflation, which remains well above above its 2% target.