“If the Fed moves too quickly with rate cuts, they run the risk of reigniting inflation expectations. Conversely, if the Fed moves too slow, growth could stall. Unless incoming data over the coming months show a sharper slowdown in jobs or inflation, the Fed is likely to keep future rate cuts data dependent rather than predetermined.”

The average rate on 30-year fixed home loans registered at 6.35% for the week ending Sept. 11, down from 6.5% last week.