Homebuyers and builders in New York could catch a break after the Federal Reserve cut interest rates for the first time this year, according to Spectrum News.
The quarter-point drop brings the benchmark rate to 4–4.25%, potentially boosting buying power and kickstarting stalled construction projects. Experts say the change won’t lower mortgage rates overnight, but it may signal the start of renewed housing activity after years of tight conditions.
More rate cuts could follow if the economy continues to slow.
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