RALEIGH, N.C. (WNCN) — Wednesday, the federal government cut interest rates by half of a percentage point. It's the first rate cut since the 2020 coronavirus pandemic, so what does this mean for the housing market in the Triangle? Tony Stuart and his family are looking forward to moving into a Wake Forest home that is still under construction and he's thrilled to see a cut in interest rates. Timeline of Javion Magee’s death in North Carolina released by sheriff “We started that [home buying] process in March knowing or hoping the rates were going to drop and they did," he said. Realtor Kamron Lusk says while mortgage rates aren’t directly tied to the federal rate, they do follow a similar trend. "Essentially, if federal rates are dropping significantly, steadily over time, you can pretty much assume mortgage rates are going to do the same,” Lusk explained. "But we're not going an instantaneous mortgage rate drop." Lusk said mortgage rates started falling over the last few weeks in anticipation of the drop in interest rates. "I would say they've dropped about a percent overall," he said. "In a lot of cases, 1% can save someone hundreds of dollars a month on their mortgage payment." Although Stuart doesn't close on his home until later this year, he has already seen a drop in his expected mortgage payment. "We're seeing close to $700 a month right now from what we were looking at originally and getting it approved for," Stuart said. "It’s a huge sigh of relief." That’s good news for buyers like Stuart, but Lusk warns if lower rates mean more people can buy homes, those who haven't found the perfect home yet may still have an uphill battle in the Triangle. "That demand is going to drive up prices," Lusk said. "Inventory is still significantly low. We still have a lot of buyers in the market, so I would say it’s still really in that sellers' market range at this point."