What does interest rate cut mean for Arizona’s housing market?

The Federal Reserve has cut its benchmark interest rate by half a point, a significant change after over two years of high rates aimed at controlling inflation. This reduction is expected to influence the housing market, as mortgage rates, which have already decreased from about 8% to above 6%, typically follow the Fed's lead. Experts suggest that lower mortgage rates could save buyers money but may also increase demand and home prices. It's advised to consult with a real estate professional to navigate these changes effectively.

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