"The overall set-up is reminiscent of September 2024 when rates were doing the same thing for the same reasons ahead of Fed meeting with a virtual 100% chance of a rate cut," said Matthew Graham, chief operating officer of Mortgage News Daily. "Back then, mortgage rates moved paradoxically higher after the Fed rate cut. The same thing could happen this time, but it's by no means guaranteed."The average rate on the 30-year fixed mortgage dropped 12 basis points from Monday to 6.13%, according to Mortgage New ...