Federal Reserve Chair Jerome Powell indicated last week that a cut in the federal funds rate at the September meeting of the Federal Open Market Committee (FOMC) is on the table, which would have the effect of driving mortgage rates lower.

Most observers and professionals agree that a rate cut would provide immediate benefits to the reverse mortgage industry, particularly for Home Equity Conversion Mortgages (HECMs). But the business is also headed into the potential for lower rates coming off of a major refinance boom from the pandemic-era low-rate details ⇒

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