Waymo’s Self-Driving Service Expands in California, With Eyes on New York. What to Know

The robotaxi now operates in more parts of the San Francisco Bay Area and Los Angeles County, and will resume testing in New York City.

Fed Rate Cuts Unlikely This Summer. Are Lower Mortgage Rates Still Possible?

The Fed’s impact on mortgage rates isn’t direct, but it matters. Here’s what to know about the central bank’s latest decision.

There’s a wild amount of uncertainty in today’s economy, but one thing is clear: The Federal Reserve isn’t planning to lower interest rates this summer. Mortgage rates, which have been stuck near 7% for the past several months, are likely to stay higher for longer.

On June 18, Fed officials voted to leave borrowing rates unchanged for a fourth consecutive meeting. Holding interest rates where they are allows the central bank to evaluate how President Trump’s unpredictable tariff campaign, immigration policies and federal cutbacks affect both inflation and the job market.

Often, what the central bank simply says about future plans can cause a stir in the housing market. Mortgage rates are driven by bond investors and a host of other factors, i.e., not directly determined by the Fed.

«The mortgage market reacts fast to uncertainty, and we’ve got no shortage of it this summer,» said Nicole Rueth, of the Rueth Team with Movement Mortgage.

Why is the Fed not cutting interest rates?

The Fed sets and oversees US monetary policy under a dual mandate to maintain price stability and maximum employment. It does this largely by adjusting the federal funds rate, the rate at which banks borrow and lend their money.

When economic growth is weak and unemployment is high, the Fed lowers interest rates to encourage spending and propel growth. Reducing interest rates could also allow inflation to surge, which is generally bad for mortgage rates.

Keeping rates high, however, increases the risk of a job-loss recession that would cause widespread financial hardship. If unemployment spikes — a real possibility given rising jobless claims — the Fed could be forced to implement interest rate cuts earlier than anticipated.

«The Federal Reserve is in one of the trickiest spots in recent economic history,» said Ali Wolf, Zonda and NewHomeSource chief economist.

What is the forecast for interest rate cuts in 2025?

On Wednesday, markets eyed the Fed’s Summary of Economic Projections, which outlined two 0.25% rate cuts in 2025, unchanged from earlier estimates. But that’s far from guaranteed. The updated forecast suggests that tariffs will push prices higher, suggesting that consumers have not yet felt the full effect of these import duties.

«Everyone that I know is forecasting a meaningful increase in inflation in the coming months from tariffs, because someone has to pay for the tariffs,» Fed Chair Jerome Powell said during a June 18 press conference.

Inflation could prompt the central bank to forgo one (or both) of its projected rate cuts, which would keep mortgage rates high.

Though Powell remains noncommittal on any specific time frame, financial markets still see a potential interest rate cut coming as early as this fall.

Most housing market forecasts, which already factor in at least two 0.25% Fed cuts, call for 30-year mortgage rates to stay above 6.5% throughout 2025.

«Average rates are likely to stay in the 6.75% to 7.25% range unless the Fed signals multiple cuts and backs up their policy with data,» Rueth said.

What factors affect mortgage rates?

Mortgage rates move around for many of the same reasons home prices do: supply, demand, inflation and even the employment rate.

Personal factors, such as a homebuyer’s credit score, down payment and home loan amount, also determine one’s individual mortgage rate. Different loan types and terms also have varying interest rates.

Policy changes: When the Fed adjusts the federal funds rate, it affects many aspects of the economy, including mortgage rates. The federal funds rate affects how much it costs banks to borrow money, which in turn affects what banks charge consumers to make a profit.

Inflation: Generally, when inflation is high, mortgage rates tend to be high. Because inflation chips away at purchasing power, lenders set higher interest rates on loans to make up for that loss and ensure a profit.

Supply and demand: When demand for mortgages is high, lenders tend to raise interest rates. This is because they have only so much capital to lend in the form of home loans. Conversely, when demand for mortgages is low, lenders tend to slash interest rates to attract borrowers.

Bond market activity: Mortgage lenders peg fixed interest rates, like fixed-rate mortgages, to bond rates. Mortgage bonds, also called mortgage-backed securities, are bundles of mortgages sold to investors and are closely tied to the 10-year Treasury. When bond interest rates are high, the bond has less value on the market where investors buy and sell securities, causing mortgage interest rates to go up.

Other key indicators: Employment patterns and other aspects of the economy that affect investor confidence and consumer spending and borrowing also influence mortgage rates. For instance, a strong jobs report and a robust economy could indicate greater demand for housing, which can put upward pressure on mortgage rates. When the economy slows and unemployment is high, mortgage rates tend to be lower.

Read more: Fact Check: Trump Doesn’t Have the Power to Force Lower Interest Rates

Is now a good time to get a mortgage?

Even though timing is everything in the mortgage market, you can’t control what the Fed does. «Forecasting interest rates is nearly impossible in today’s market,» said Wolf.

Regardless of the economy, the most important thing when shopping for a mortgage is to make sure you can comfortably afford your monthly payments.

More homebuying advice

Technologies

Today’s NYT Strands Hints, Answers and Help for June 19, #473

Here are hints — and answers — for the NYT Strands puzzle No. 473 for June 19.

Looking for the most recent Strands answer? Click here for our daily Strands hints, as well as our daily answers and hints for The New York Times Mini Crossword, Wordle, Connections and Connections: Sports Edition puzzles.

Today’s NYT Strands puzzle is fun, but also tricky. A few of the answers were tough to unscramble. If you need hints and answers, read on.

I go into depth about the rules for Strands in this story.

If you’re looking for today’s Wordle, Connections and Mini Crossword answers, you can visit CNET’s NYT puzzle hints page.

Read more: NYT Connections Turns 1: These Are the 5 Toughest Puzzles So Far

Hint for today’s Strands puzzle

Today’s Strands theme is: Life is a highway.

If that doesn’t help you, here’s a clue: Heading out.

Clue words to unlock in-game hints

Your goal is to find hidden words that fit the puzzle’s theme. If you’re stuck, find any words you can. Every time you find three words of four letters or more, Strands will reveal one of the theme words. These are the words I used to get those hints but any words of four or more letters that you find will work:

YARD, DRAY, PRIM, PRIMP, SIRE, COAT, COATS, TOME, TOMES, MOTE, MOTES, SEEN, LARD, GEMS.

Answers for today’s Strands puzzle

These are the answers that tie into the theme. The goal of the puzzle is to find them all, including the spangram, a theme word that reaches from one side of the puzzle to the other. When you have all of them (I originally thought there were always eight but learned that the number can vary), every letter on the board will be used. Here are the nonspangram answers:

GAMES, MOTEL, PHOTOS, SCENERY, PLAYLIST, AUDIOBOOK

Today’s Strands spangram

Today’s Strands spangram is ROADTRIP. To find it, look for the R that’s four letters to the right on the bottom row, and wind up.

Technologies

Today’s NYT Connections: Sports Edition Hints and Answers for June 19, #269

Here are hints and the answers for the NYT Connections: Sports Edition puzzle, No. 269, for June 19.

Looking for the most recent regular Connections answers? Click here for today’s Connections hints, as well as our daily answers and hints for The New York Times Mini Crossword, Wordle and Strands puzzles.

Today’s Connections: Sports Edition isn’t too tough. I would argue that the yellow category isn’t truly a sport, but what do I know? Read on for hints and the answers.

Connections: Sports Edition is out of beta now, making its debut on Super Bowl Sunday, Feb. 9. That’s a sign that the game has earned enough loyal players that The Athletic, the subscription-based sports journalism site owned by the Times, will continue to publish it. It doesn’t show up in the NYT Games app but now appears in The Athletic’s own app. Or you can continue to play it free online.

Read more: NYT Connections: Sports Edition Puzzle Comes Out of Beta

Hints for today’s Connections: Sports Edition groups

Here are four hints for the groupings in today’s Connections: Sports Edition puzzle, ranked from the easiest yellow group to the tough (and sometimes bizarre) purple group.

Yellow group hint: Color and number matching game.

Green group hint: Fore!

Blue group hint: Also Blackhawks and Rangers.

Purple group hint: I am not throwing away my ____.