With the Federal Reserve cutting interest rates a half point on Wednesday, will better mortgage rates follow and make the Twin Cities market more affordable?

Wednesday's cut to interest rates marks the first cut of its kind since the COVID-19 pandemic, and prior to that, the 2008 global financial crisis.

The Federal Reserve just lowered its benchmark rate by 0.50 percentage points. Here's how the move could impact your finances.

Declining interest rates are welcome news for homebuyers who have been dealing with worsening affordability challenges, ” says Lisa Sturtevant, chief economist at Bright MLS,

On Wednesday, the Fed is expected to reduce its benchmark rate, which currently stands at its highest point in 23 years, after the central bank introduced a flurry of rate hikes to tame the pandemic's high inflation.