UNDER $3. WELL, THE FED DID CUT INTEREST RATES BY HALF A PERCENTAGE POINT LAST WEEK, AND A HIGHER CUT THAN MOST EXPERTS EXPECTED. AND THAT DECISION IS GOING TO HAVE NOW A RIPPLE EFFECT ON THE REAL ESTATE MARKET. AND OF COURSE, HOPEFULLY YOUR PERSONAL FINANCES FOR THE REST OF THE YEAR. ON THIS MONDAY, MONDAY. AND DAVIS FROM FIRST FINANCIAL BANK JOINING US HERE TO SHARE MORE, MORE. WELCOME BACK. AS YOU WERE HERE LAST WEEK WHEN THEY CUT INTEREST RATES. SO LET’S TALK ABOUT THIS HERE FOR POTENTIAL HOME BUYERS. WHAT WILL THIS CUT HAVE. WHAT SORT OF IMPACT WILL THE CUT HAVE ON THEM. WELL IT’S GREAT FOR HOMEBUYERS RIGHT. BECAUSE WE’VE BEEN STRUGGLING WITH AFFORDABILITY. SO AS RATES START TO COME DOWN IT REALLY HELPS WITH AFFORDABILITY. AND THOSE HOME PRICES. SO THAT’S THE GREAT NEWS FOR HOME BUYERS IS THAT HOUSES WILL BECOME MORE MORE AFFORDABLE FOR THEM NOW. AND HAVE YOU BEEN SEEING THAT SOME HOME BUYERS HAVE BEEN KIND OF WAITING IT OUT TO BUY UNTIL A CUT LIKE THIS HAPPENED? THEY HAVE BEEN. YES. AND WE SAW 5% UPTICK IN PURCHASE APPLICATIONS JUST SINCE THE FED CUT RATES. SO JUST IN THE LAST WEEK WE SAW THAT UPTICK. SO PEOPLE HAVE BEEN WAITING BECAUSE AGAIN THE HOUSES HAVE BEEN REALLY EXPENSIVE. AND IT’S YOU KNOW WITH HIGH RATES AND HIGH VALUES. IT’S NOT GREAT FOR HOMEBUYERS. BUT NOW THAT’S GOING TO START TO IMPROVE. WE CAN’T OBVIOUSLY GET AS MUCH FOR YOUR MONEY RIGHT. WHAT ABOUT FOR SELLERS WILL HAVE AN IMPACT FOR THEM I’M GUESSING MAYBE THEY CAN FINALLY SELL THEIR HOUSE WHERE BEFORE THEY IT WAS JUST SITTING RIGHT? RIGHT. SO THEY’LL BE IT’LL BE GREAT FOR SELLERS BECAUSE THERE IS STILL LOW INVENTORY. AND NOW YOU’LL HAVE MORE BUYERS COMING IN THAT YOU KNOW, AGAIN AFFORDABILITY. SO THEY SHOULD STILL GET A GOOD PRICE FOR THEIR HOME IF THEY’RE SELLING IT. AND THEY’LL BE MORE BUYERS LOOKING TO BUY. AND YOU HAVE TOLD US ABOUT PEOPLE LEVERAGING THE INCREASED EQUITY IN THEIR HOMES DURING THE HIGH INTEREST RATE ENVIRONMENT. HOW DOES THAT AFFECT THIS TREND? WELL, IT’S INTERESTING BECAUSE THAT’S ANOTHER KIND OF VARIABLE THAT’S GOING ON RIGHT NOW IS WHAT THEY CALL THE LOCKED IN EFFECT. SO YOU HAVE SEVERAL YOU KNOW, MILLIONS OF HOME BUYERS OUT THERE REALLY THAT HAVE OR HOME OWNERS OUT THERE THAT HAVE INTEREST RATES UNDER 4%. SO FOR THOSE FOLKS, THEY PROBABLY WANT TO STAY IN THEIR HOME. THEY DON’T WANT TO LOSE THAT THAT LOW RATE. AND VALUES ARE STILL GOING UP. SO THEY CAN REALLY TAKE ADVANTAGE OF THE EQUITY IN THEIR HOME AND DO HOME IMPROVEMENTS, BUY A CAR, YOU KNOW, HELP KIDS WITH COLLEGE. YOU KNOW, THOSE TYPES OF THINGS SO THEY CAN STILL TAKE ADVANTAGE OF THAT. AND THANKS SO MUCH FOR JOINING US AGAIN. WE APPRECIATE IT ALWAYS. JUST SO INSIGH