ROCHESTER, N.Y. (WROC) — As the leaves start to change for the start of the Fall season, mortgage interest rates are seeing some changes as well. Owner of Elysian Homes, Mark Siwiec told News 8 about the Federal Open Market Committee's rate cut of .5 percentage points. He said in turn, this reduced 30-year mortgage rates from 7.3% to 6.1% in six weeks. So, what does this mean for potential buyers? Siwiec advised even though the market remains competitive with a shortage of properties, the time to act is now as interest rates are expected to decrease again in November and December. Siwiec added this significant drop in interest rates has reduced the monthly cost of buying home, which allows buyers to spend $40,000 more on the purchase of a home. Also highlighted was Rochester's potential position as a top market for new property listings. "There still aren't enough homes to satisfy the needs of the buyers who are out there," Siwiec said. "Another good bit of information in some of the reports that we've seen the past few weeks is that Rochester is slated to be the number one community in the United States that is going to see the largest influx of new properties coming in the market for sale in the coming year." Buyers are also encouraged by Siwiec to take advantage of the current lower competition and interest rates by buying now and refinancing later. "It is driving buyers back into the market. They're finally getting some relief," Siwiec said. "Relief that they actually haven't experienced or enjoyed over the course of the past four and a half years."