The Fed Cut Rates By 50 Basis Points: How Much Will Home Affordability Improve?

The Federal Reserve cut its benchmark federal funds rate by 50 basis points, the first reduction in over four years, following a period of interest rate hikes. This move may help buyers facing affordability challenges, although experts caution against expecting significant improvements soon. Mortgage rates have decreased by over 1.5% since their peak, enhancing purchasing power. Buyers are advised to act now due to potential market price increases and reduced competition in the fall. Practical tips for securing better rates and home prices are also provided.