BAKERSFIELD, Calif. (KERO) — The Federal Reserve announced its first interest rate cut in nine months, potentially providing relief for prospective homebuyers who have been priced out of the market.

The Federal Open Market Committee decided Wednesday to lower interest rates by a quarter percentage point, a move that could significantly impact the housing market.

"Strengths in making their purchases, better strength with the lenders. And it will allow them to perhaps buy a little bit bigger house or perhaps the house that they had selected will have a smaller, somewhat smaller payment," Jeanne Radsick with the Bakersfield Association of Realtors said.

Radsick noted that there are currently more homes on the market, which could benefit buyers.

"It allows for better buying opportunity. Th

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