Federal Reserve lowers interest rate

WILMINGTON, NC (WWAY)– The Feral Reserve cut the interest rates by a quarter point on Wednesday. 3.6 percent, the lowest it has been in three years. Here in the cape fear region, home prices remain high Intracoastal Realty’s, Bobby Brandon, says the cut should get potential buyers off the sidelines, and into the game.

“It is going to boost the confidence level. Confidence level plays a big factor in the overall economy,” said Brandon.

Zach Bryant, from Berkshire Hathaway Home Services Carolina Premier Properties, says there’s just enough available homes on the market.

“When rates go down, inventory goes up. Inventory affects price more than rates do. Rates affect inventory. What we are seeing now, is a first in my career where you’ve had a buyer’s market with low inventory,” said Bryant.

The Federal Reserve is set to meet again at the end of January.