How will it impact mortgages, credit cards, car loans

The last time the Federal Reserve cut the federal funds rate was on Sept. 17 when the benchmark rate was reduced by a quarter point. The Fed cut rates three times in 2024.
The average 30-year fixed rate mortgage dropped to 6.27% as of Oct. 16 from a high in 2025 of 7.04% as of Jan. 16.
Many consumers aren’t seeing much relief in their credit card rates.
The second interest rate cut of 2025 is likely to hit before Halloween once the Federal Reserve concludes its two-day policy meeting on Oct. 28 and Oct. 29. At least, that’s what most analysts expect.
Many experts are calling for another quarter-point haircut. If so, we could be looking at short-term rates in a target range of at 3.75% to 4%.
The last time the Federal Reserve cut the federal funds rate was on Sept. 17 when the benchmark rate was reduced by a quarter point. The Fed cut rates three times in 2024.
But what can consumers expect if they’re looking to refinance a mortgage, buy a new home, take out a car loan or pay down their credit card debt?