In short: The Federal Reserve on Wednesday said it would lower its target for the federal funds rate by a quarter basis point. The Fed also forecasted two additional rate cuts this year. The move was widely anticipated, and mortgage rates aren’t likely to jump or fall much in response. The 10-year Treasury yield – which mortgage rates tend to follow – moved higher on the news.   Moving forward, the committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Reduced Fed demand for mortgage-backed securities will limit how far mortgage rates fall from here. What’s next for mortgage rates?  With financial markets anticipating a more rapid easing of monetary policy than the Federal Reserve is likely to deliver, mortgage rates aren’t likely to fall much further.  The Federal Open Market Committee anticipates the Fed funds rate reaching the 3.25-3.5% range before 2027. That’s slower than financial markets had anticipated; they projected a rapid decline to…