In its September meeting, the Federal Reserve is set to lower interest rates for the first time since the pandemic, claiming victory over its long-standing battle to bring record inflation down. The Central Bank began raising its benchmark interest rates in early 2022 and has since then seen inflation fall from more than 9% to about 2%.

Last November, the 30-year mortgage rate approached 8%. After the Federal Reserve cut interest rates on September 18, it’s approaching 6%.

The Federal Reserve's September meeting brought about a 50-basis-point cut to the federal funds rate, the first time the rate has been lowered since 2020. This provides immediate relief to customers looking to take out a mortgage to buy a home and businesses interested in securing a loan to fund their operations,

Wall Street is currently riding on high expectations that the Fed will implement further cuts in the benchmark lending rate this year. In its September FOMC meeting, the central bank aggressively cut the interest rate by 50 basis-points.