The Federal Reserve cut interest rates by a quarter point Thursday, but what does that mean for consumers? Especially those looking to buy a home in the growing Utah market. Fox 13 News reporter Chris Reed talked to an expert.
“Anytime the rates go down, that certainly gives an edge in regards to people looking to buy a home as that affects the monthly payments and what you can afford based off your income,” said Mindy Estok, the senior vice president of real estate lending for Chartway Credit Union.
Estok is reacting to Thursday’s news that for the second time this year, the Federal Reserve has cut its benchmark rate. That makes it cheaper to borrow money in the form of loans for things like mortgages, cars, credit cards and other big items.
As far as those looking to buy a home, the effect may be seen immediately.
“Actually we should start to see that by tomorrow,” she said.
But lower rates or not, Estok says there is still one overriding issue, especially in places like Southern Utah.