What these homebuyers and owners told us an interest rate cut means to them

Elevated mortgage rates and higher home prices have made owning a home feel increasingly out of reach for many Americans.

Elevated mortgage rates and higher home prices have made owning a home feel increasingly out of reach for many Americans. Last month, the Federal Reserve cut its benchmark interest rate by half a percentage point and signaled that more cuts are coming. But post-pandemic inflation has left scars on the housing market. Would-be buyers feel left behind, and even many of those who already own a home feel stuck, unable or unwilling to give up cheap mortgages to find new properties. CNN spoke to Americans spanning from early career to retirement age about how the Fed’s rate cuts will impact their housing plans. Here’s what they had to say: Robert Galvez, a 27-year-old manufacturing engineer in the semiconductor industry, said he was “sick and tired of renting” his apartment in New Hampshire, and he now plans to buy his own place next year. “When you take out a mortgage, you’re building wealth. When you’re renting, that money is going to someone else,” he said.