Fed Announces New Rate Cut – NMP
Industry News

Fed Announces New Rate Cut

Oct 30, 2019
Photo credit: Getty Images/ohmygouche

The Federal Reserve has announced its third rate cut since July.
 
In a statement issued by the policymaking Federal Open Market Committee, the central bank stated it would “lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent. This action supports the Committee's view that sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric two percent objective are the most likely outcomes, but uncertainties about this outlook remain.”
 
The Committee’s vote came with two dissenters: Esther George of the Kansas City Fed and Eric Rosengren of the Boston Fed, who sought to retain the target range at 1-3/4 percent to two percent. The Fed’s action follows rate cuts in July and September—prior to that, the central bank had not cut rates since December 2008.
 
About the author
Phil Hall
Link copied
Published
Oct 30, 2019
Get the NMP Daily
Tech
Originators Rank Marketing As Their Biggest Tech Bottleneck

Four OriginatorTech demonstrations showed how vendors are applying AI and automation to content, database outreach, and loan operations

Mortgage technology companies spend plenty of time talking about faster files and smoother closings. But originators attending National Mortgage Professional’s latest OriginatorTech Demo Day pointed to a more immediate problem: marketing.Content creation and marketing topped...

Continue reading
Non-QM
GenWay Brings AI Automation To Non-QM Underwriting

The wholesale and correspondent lender plans to move six underwriting automation products into production within three months

GenWay Home Mortgage has deployed Tavant’s TOUCHLESS mortgage automation platform across its Non-QM and government-lending businesses, extending the industry’s push to automate underwriting beyond conventional agency loans.The national wholesale and correspondent lender is u...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
Fed Hike Raises HELOC Costs While Mortgage Rates Stay Near 7%

Prime rose to 7% while the 10-year Treasury remained near 5%, giving originators two different borrower conversations

Industry News
Sep 17, 2026
Rocket Raises Conforming Loan Limit To $845K Ahead Of FHFA

The higher limit gives brokers more room to keep borrowers from crossing into jumbo territory

Industry News
Sep 10, 2026
Rocket Pro Launches ‘Moving Squad’ To Recruit Brokers From UWM

Rocket is offering partners up to $10,000 to help bring UWM brokers onto its platform

Industry News
Sep 01, 2026
NEXA, UMortgage Leaders Explain What Drove Acquisition

Kortas relinquishes the CEO title, elevating Casa to co-equal "executive partner"

Industry News
Aug 31, 2026
Warsh Sees Housing Strain, Keeps Rate Hikes In Play

Fed chair says broader financial conditions remain loose, inflation is too high, and markets should expect less guidance on what comes next

Industry News
Aug 31, 2026
July CPI Eases Mortgage-Rate Risk, But Doesn’t Promise Relief

Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year

Industry News
Aug 13, 2026