WORCESTER, Mass. – It's been a busy week for John Jeorgos and the team at Envoy Mortgage since the fed lowered its key interest rate by a half percentage point.

He says they're already getting calls from homeowners looking to refinance. But it's also an opportunity for those looking to get into the market.

"It makes it a lot easier, or a lot more attainable, right, to purchase your home for buyers," Jeorgos said. "But also for homeowners currently in a property. They now have an opportunity to tap into that equity they've built over the years."

While a home could be a bit more attainable, Jeorgos says it's still not going to be easy for buyers, especially in a red-hot market like Worcester, where housing stock is not as plentiful.

"Anticipation is rates are going to continue to go down for the next 12 to 16 months," Jeorgos said. "So yeah, it's going to bring in more buyers and it's going to make it more competitive."

Like Jeorgos, Bill Murphy of Fairway Mortgage says he's been working with clients over the last month in anticipation of the rate cut. His hope is more people put their homes on the market now, saying that's one of the biggest culprits of the housing shortage.

"People had these nice, super low interest rates, and they weren't moving," Murphy said. "They weren't going to give that beautiful rate up."

Investment advisor Justin Griffin says the fed's most recent cut is good news for people looking to borrow money.

"Well, the fed cutting rates is a signal that they want to spur more economic activity," said Griffin. "It's not so great for savers because interest rates on short-term paper will be reduced quite quickly."

Griffin also describes it as a positive for the local business community.

"A half-point rate cut I think was a good signal for the broad business owner to not worry too too much about a recession," said Griffin.

Griffin says the cut makes sense as the Federal Reserve looks to preserve jobs, as well as stabilize prices and the economy.