Kenny Darr is KGUN 9's Oro Valley reporter. Send your story ideas to Kenny at [email protected].
In a major move on Wednesday, the Federal Reserve cut interest rates by half a point. This marks the first cut of its kind since the COVID-19 pandemic, and prior to that, the 2008 global financial crisis.Experts say this decision could provide some relief to both home buyers and sellers.Veteran real estate agent Lisa Bayless, who has 17 years of experience with Long Realty, notes that while the rate cut may not seem large, it could have a notable impact on the housing market over time.
62% for a 30-year mortgage, monthly payments would be about $3,200. Bayless says the rate cut will eventually lead to lower payments and improved affordability for home buyers.'It’s great news for would-be home buyers,' she said. 'In the long run, it will definitely make their payments lower and housing more affordable.'Bayless also pointed out that sellers could benefit from the cut, particularly those who locked in historically low rates during the pandemic.
Feds Housing Interest Rates Mortgage
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