HONOLULU (KHON2) -- The Federal Reserve has cut interest rates for the second time in three months, but what does that mean for local residents? Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You Financial and mortgage experts said much remains to be seen, but it is certainly not a bad sign. Interest and mortgage rates are often mentioned together, but lenders said the announcement from The Federal Reserve on Thursday, Nov. 7 does not mean homes will be more affordable in Hawaii on Friday, Nov. 8. "Although they do have some correlation, they're not always in sync all the time. So, yes, there's a Fed rate cut, but a lot of our pricing is usually baked in already throughout the year," said Element Mortgage lender Nicky Dacumos. "I think time will tell." Financial experts said the interest cut means inflation is at least a bit under control. "For a lot of us, right, over the past four years, inflation has been a big topic," said Milestone Wealth Management president Caine Nakata. "Food costs, our necessities, energy, all these things have gone up and hopefully what it means is, you know, because inflation's under control… over the next few years, hopefully even longer, we'll have a lot more predictability." Suspect of missing pregnant wife facing new charges Honolulu single-family home sales rose 22.5% year-over-year in the fourth quarter of 2024 compared to 2023. Condo sales rose 1.5% and prices remained relatively stable. Lenders said it is premature to say whether rates will be cut or raised in the coming months. "If I had a crystal ball, I probably wouldn't be sitting here with you. I'd be on my yacht somewhere, right, doing my own thing. But because we don't know what interest rates are going to do, we always just encourage our clients, like, if this is your house, if this payment is comfortable, let's go for it," Dacumos said. It is not clear when local prices will go down as a result of the rate cut. "We might not feel it immediately, but hopefully we have a trickle effect," Nakata said. "I'm hoping on this one though, maybe there is going to be an impact where mortgages may start coming down, because if that happens, I think that becomes a benefit for everybody." "And so I think they'll stay steady for a while until we see some other changes. But I think just getting with your local lender and figuring out what works for you, I think is the best," Dacumos said. Download the free KHON2 app for iOS or Android to stay informed on the latest news The next federal interest rate decision will be on Wednesday, Dec. 18.