Federal Reserve Chair Jerome Powell just threw cold water on the hope that mortgage rates could drop to 6% by the end of the year. Why? Economic growth is, by official numbers, too strong. In a talk with business leaders last Thursday, Powell indicated that the pace of interest rate cuts is likely to be slower than anticipated over the near term. “The economy is not sending any signals that we need to be in a hurry to lower rates,” said Powell. So far this year, the central bank has made two interest…
