When the Federal Reserve lowered its benchmark interest rate by half a percentage point in September, it wasn't a particularly surprising move. At that point, the Fed was expected to make its first rate cut of the year in response to cooling inflation.

The Federal Reserve delivered a 0.25% interest rate cut last week. But prospective homebuyers wishing for lower mortgage rates are likely to be disappointed. While the central bank influences home loan rates,

New reports suggest the chance of a rate cut for homeowners before the next federal election is unlikely. Reserve Bank Governor Michele Bullock says the economy is running at a level that cannot be sustained without inflation.