(Sioux Falls, SD) — The Federal Reserve has cut its benchmark interest rate by a quarter point, and South Dakota realtors say it could give a boost to the housing market. The Fed’s move brings rates to four-to-four-and-a-quarter-percent range, the first cut since last December, and has already led to slightly lower mortgage rates locally, hovering around six-percent. Larissa Luther with the Realtors Association of the Sioux Empire says lower rates make it easier for buyers to enter the market and could encourage more homeowners to list their properties, helping inventory and speeding up sales. While change won’t happen overnight, Luther says the move could bring more confidence for both buyers and sellers in the state.
