The average 30-year mortgage rate has been above 6% for two years — and is likely to stay above that level for the foreseeable future, experts say. A combination of better-than-

Jason Furman, former chairman of the Council of Economic Advisers, says he expects the Federal Reserve to cut rates again in December, but after that, the pace of cutting will slow down. He's on "." (

The Federal Reserve has issued another cut to its benchmark interest rate, but unfortunately for homebuyers, it won't translate to lower mortgage rates in the short term. As expected, the Fed cut its policy rate by a quarter-point on Thursday,

The Federal Reserve has made two consecutive interest rate cuts but potential homebuyers are wondering when mortgage rates will drop. CBS News MoneyWatch correspondent Kelly O'Grady breaks down what this means.

Neel Kashkari, the president of the Minneapolis Federal Reserve, tells "Face the Nation with Margaret Brennan" that another interest rate cut after the December Fed meeting is "certainly possible" but "we want to have confidence that inflation is going to go all the way back down to our 2% target.