STROUDSBURG, MONROE COUNTY (WBRE/WYOU)— The federal government lowered interest rates on mortgages this week for the first time since December.
28/22 News Reporter Connor Coar spoke with both a realtor, Friday, and a woman who is buying a home in the Poconos to see how this news is impacting her purchase.
The Federal Reserve cut the lending rate between 4.25% and 4%. This is the first time in the calendar year a cut has been made.
The decision to announce the cuts was not unanimous.
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Fed Governor Stephen Miran, who was appointed by President Trump just before the decision to lower lending rates was made, wanted a half-point rate cut.
A woman in the Poconos says she has been searching for a home for over a year, and she couldn't contain her excitement when she received the call from her realtor.
"When she said the price, not the price, the interest rate lowered, I was like Oh my god, we can get something, you know, that was so exciting news for me," expressed Anna Lytvyn.
The Pocono Mountains have long been a destination for residents from neighboring states to purchase homes.
Tiffanie Bailey-Romey says this is a positive for the region, despite local pushback about outsiders moving into the area.
"I originally am from New York. I came to the Pocono region because I knew that the demographic, the land, and the soil are the third parent. I have the opportunity to have this type of experience for my children," said Tiffany Bailey-Romey, president-elect, Pocono Mountain Association of Realtors.
Anna Lytvyn is a mother of two kids, three dogs, and three cats. It is safe to say it gets tight in the apartment her family currently lives in.
She told her kids they are getting closer to buying a house. Their worries were much less about the cost of owning a home.
"Finally, we can have a trampoline in the backyard. That's the dream for them. To have their own backyard where they can play ball and jump around. They're excited," expressed Lytvyn.
Lytvyn, originally from Russia, came to the United States almost twenty years ago. She has been renting in the Poconos for the last year and a half, awaiting her opportunity to live the American dream.
"That's a security for my family and a peace of mind. Nature is beautiful. Being able to have a house for my family would make us a happier family," added Lytvyn.
Anna tells me she is hoping to finalize plans in the next two weeks to move into her family's first home and looks forward to the approaching holiday season.
