Since the height of the COVID-19 pandemic, interest rates have increased significantly as inflation has grown out of control. The primary reason the US Federal Reserve took on a series of rate hikes was in an attempt to lower the inflation that had impacted so many Americans. While those rates did a lot to slow inflation, it also made it much more difficult for the average American to borrow funds and access credit.

With inflation largely under control, many financial experts believe we're on the verge of a series of interest rate cuts in 2024.

If rate cuts do happen next year, it will be nice to people all over the country, especially those in the Empire State.

Rate Cuts Will Help Everyday New Yorkers

The Federal Reserve raised rates 11 times since March 2022 from 0.5% to 5.5%, where it currently sits. Those rate hikes caused other lending rates to increase significantly over the last few years.

Freddie Mac Primary Mortgage Market Survey
Freddie Mac Primary Mortgage Market Survey

Mortgage rates, for example, have increased by nearly 5% over the last two years. Those increases have made it significantly more expensive for New Yorkers to buy homes than in previous years.

Like other areas, Buffalo has had one of the hottest housing markets in the nation, but it's started to slow as the rates increase. With the average home price in the Empire State hovering around $405,000, a rate reduction would help people all over the state buy homes.

Since all signs point to a rate decrease, city councils' around the state are preparing their economic outlooks to match.

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