BAKERSFIELD, Calif.(KBAK\/KBFX) \u2014 The recent federal interest rate cut is anticipated to invigorate the economy nationwide, providing a significant boost to various business sectors locally. <\/p>\n
Richard Gearhart, a professor of economics at California State University, Bakersfield, said the cut will have a substantial impact on Bakersfield, particularly in the housing market.<\/p>\n
“So what you’re going to see is you’re going to see a lot more individuals who now find it financially feasible to be able to get a mortgage because rather than 7.5% interest on a $500,000 house, you’re going to be paying 6% on a $500,000 house,” said Gearhart. “So home buyers will be more attracted to buying homes, which will increase prices a little bit, which will encourage more people to sell their homes. So we’re going to see a lot more home buying and home selling activity in Kern County, especially movement from the Bay Area and the Los Angeles Basin.”<\/p>\n
Gearhart also noted that the interest rate cuts will be welcomed by those in debt, as they will benefit from paying back at a lower rate.<\/p>\n","protected":false},"excerpt":{"rendered":"BAKERSFIELD, Calif.(KBAK\/KBFX) \u2014 The recent federal interest rate cut is anticipated to invigorate the economy nationwide, providing a…\n","protected":false},"author":2,"featured_media":28884,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[25064,114,25068,184,25066,25065,85,6749,46,25067,8553,25069],"class_list":{"0":"post-28883","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-bakersfield","9":"tag-business","10":"tag-economic-boost","11":"tag-economy","12":"tag-home-buyers","13":"tag-housing-market","14":"tag-il","15":"tag-interest-rate-cut","16":"tag-israel","17":"tag-kern-county","18":"tag-mortgage","19":"tag-richard-gearhart"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/28883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=28883"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/28883\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/28884"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=28883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=28883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=28883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}