The Federal Reserve lowered its key lending rate Wednesday for the first time since December, trimming it by a quarter of a percentage point to a new range of 4.00% to 4.25%. The move comes amid signs of a slowing job market.

Mortgage Loan Officer with First Bank, Zack Nelson, said recent economic shifts are already visible in the housing sector.

"Over the course of the past two months, we’ve seen radical improvements in the interest rate market, and unemployment is partially a big reason for that,” Nelson said.

The cut is welcome news for homeowners and prospective buyers. The average 30-year fixed-rate mortgage is now at its lowest point in three years.

“Zoom back two months ago — that average was 7 percent. Right now it’s all the way down around 6.3, so that is a radical improvement

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