The Federal Reserve made its first rate cut of the year.

The impacts of the "quarter-point" cut will hit millions of Americans, affecting their mortgages, credit cards, and car loans.

WATCH: Fed delivers first rate cut of the year, offering relief for buyers, sellers, and borrowers

It also comes as analysts say the job market has stalled.

This week, the average rate on a 30-year fixed mortgage dropped to 6.13%, which is the lowest level in months.

"I'm super excited on both ends, because I get to benefit - as a buyer, it's gonna be cheaper for me to get a loan, and as a seller, I'm gonna have more buyers," said Richard Cannyn, a buyer, seller, and home inspector. It's beautiful, I couldn't have asked for anything better."

Cannyn said he has been waiting for the interest rates to drop

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