Could the Federal Reserve interest rate cut boost the US housing market?

Borrowing costs are not guaranteed to come down much more than they already have, even after this week's rate cut.

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"If I have the means to get in the market, I might as well get in now, because homes are just going to get more expensive," Aileen said.

The cost of housing is a key concern among Americans and a political talking point. US President Donald Trump had raised hopes that interest rate cuts from the Fed would help Americans get mortgages.

The average rate on the 30-year mortgage, the most popular home loan in the US, fell to 6.35% last week, according to Freddie Mac. This marked the largest weekly decline in the past year and the lowest level in 11 months.

However, for buyers like Aileen, borrowing costs are not guaranteed to come down much more than they already have despite the Federal Reserve's interest rate cut on Wednesday.