A crisis of unaffordability has held the housing market hostage. That situation is not likely to change anytime soon, according to Fannie Mae’s chief economist — and there’s one culprit.

The Federal Reserve cut interest rates, then standard 30-year mortgage rates went up. It’s a warning that lower rates from here are not a foregone conclusion.

Mortgage interest rates have been on the move lately, with some good news for borrowers. The Federal Reserve's first rate cut of the year on September 18 has started to push mortgage interest rates down.