What to expect for credit cards, mortgage rates

Mortgage rates have already edged down some to around 6.35% as of Sept. 11 from around 7% in January.
Many consumers have been on the sidelines lately waiting for interest rates to drop before buying a car, according to Edmunds.
Credit card rates will fall only slightly with the latest rate cut.
Right now, the average credit card rate is 20.12%, down from 20.79% in August 2024, according to Bankrate.com.
After a year of sitting on the sidelines, the Federal Reserve finally cut short-term interest rates by a quarter-point. It’s perhaps the most boring financial news out there, given that many market watchers expected just what the Fed delivered.
And now the natural question is: What’s next?
One rate cut won’t solve anyone’s financial woes. The expectation, though, is that economic conditions could give the Federal Reserve more room to cut rates possibly two more times from here this year.
On Sept.17, the Fed cut short-term rates to a target range of at 4% to 4.25%. We learned that the Fed board’s decision wasn’t unanimous.