In September 2024, investors were eagerly expecting the Federal Reserve to deliver its first interest rate cut in four years at an upcoming meeting. Mortgage rates had been falling, but many Americans were “locked in” by ultra-low pandemic-era rates and unable to afford to move. If the Fed made a cut, the thinking went, it could unlock a flood of activity into the housing market. It’s now September 2025, and it’s déjà vu all over again. In a matter of days, the Fed is widely expected to deliver its first ...