PHOENIX (AZFamily) — The Federal Reserve cut interest rates Thursday for the second time in the past three months. But many Arizona homebuyers are asking how soon they’ll see relief in mortgage loans.With inflation down, the Fed is slowly bringing the key rate down from their four-decade highs.Mortgage rates typically drop when interest rates are cut. But the cost of a new home loan is going up, which is confusing and frustrating for potential homebuyers.Economic expert John Wake says interest rates are just one-factor lenders consider when determining mortgage rates. A 30-year fixed rate is still lower than it was this time last year, but it is still too high for future buyers.“Usually, when they cut the rate, it means mortgage rates go down,” Wake said. “It’s nuts right now.”He says that though many were hoping for mortgage rates to fall along with interest rates, there’s a reason that d …
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