Sales of previously owned homes in the United States fell sharply in August, despite mortgage rates plummeting that month. But much more housing demand will likely be unleashed onto the market after the Federal Reserve finally cut interest rates this week for the first time in four years — and signaled more rate cuts by year’s end.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their loans to a lower rate, also eased.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.29% from 6.43%.

People who bought homes in the past two years may want to seek a lower interest rate. Here’s how to think it through — and how to shop.

The Federal Reserve made a 0.50 percentage point cut, double the typical reduction. Here's what's behind the decision.

The U.S. dollar edged slightly lower in choppy trading on Wednesday as markets grappled with the supersized 50 basis point interest rate cut as well as the switch to an easing monetary policy stance delivered by the Federal Reserve.

Investors have sent stocks and bonds higher on expectations of a soft landing. But some Republicans think the central bank overstepped its bounds.

The central bank’s decision brings the benchmark federal-funds rate to a range between 4.75% and 5% and follows an all-out fight against inflation launched two years ago.