The Federal Reserve on Wednesday announced that it was slashing its key interest rate by half a percentage point, a move that could boost the economy and help lower mortgage rates and housing costs. The federal funds rate will now move down to about 4.9% — the lowest it’s been since March 2023 — effectively making it cheaper for consumers to borrow money. The decision comes as inflation has cooled dramatically in recent months, with the 12-month inflation rate falling to 2.5% in August, the lowest level since Feb. 2021. ...To read more, click the link in our bio and for more Virginia news and updates, follow us vadogwoodnews #housing #federalreserve #housingcosts #housingcrisis #virginianews