It was the first rate cut this year, the Fed opted for a quarter-point cut to the central bank's benchmark rate, set between 4 and 4.25 percent.

It's a move Chris Mediate says is a step in the right direction.

"We're trying to stimulate growth, it all starts with the employer, right? So again, when the employer is able to expand, able to borrow in order to expand, that means what? That means more job creation so again this was the first step in a very restrictive policy," Mediate said.

On 21 News at 5, Mediate explained the interest rates aren't directly tied to this cut but they do get some kind of traction off of it, because interest rates are based from the cut.

"I think all of this will be very good for the borrower, be good for homeowners that wanna start refinancing," Mediate sai

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