PHOENIX (AZFamily) — Despite the Federal Reserve’s long-awaited interest rate cut earlier this week, Arizona homebuyers hoping for lower mortgage rates may be disappointed.

Instead of falling, average rates for a 30-year fixed mortgage in the state rose by 15 basis points, hitting 6.3% as of Thursday morning.

This uptick has surprised many who believed the Fed’s move would provide some immediate relief to a housing market that has remained sluggish for the past few years.

“The market over the last three years has been very slow,” said HomeSmart realtor Kim Panozzo. “People are cautious about the rates. They can’t afford the house they really want, so they’ve been sitting on the sidelines.”

Experts point to Wall Street’s anticipation of the cut as a possible reason for the rate reversa

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